Debt consolidation vs. Credit repair
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| Disadvantages of Debt Consolidation? | Advantages of Credit Repair? | |
|---|---|---|
| Definition | A strategy for simplifying payments and reducing interest by combining multiple debts | A plan to rebuild credit by disputing credit report errors and verifying information with creditors |
| Cost | Free, though you may need a certain credit score to qualify for a debt consolidation loan | Free to do on your own, and anywhere from $10 to $250 per month to work with a professional company |
| Advantages | Generally best for people with decent credit scores looking to simplify debt payments that are already under control | Helpful for anyone with a lower credit score, difficulties managing credit or an inaccurate credit report |
| How does it affect credit? | May temporarily reduce credit score due to hard inquiry, but can improve score over time | Not guaranteed to improve score, but often has a positive effect over time |