It is not possible to generalize to that extent.
Yes, credit report exclusion is a major step in rebuilding, but it does not discharge the debts.
It's biggest immediate impact is the removal of the derogs from credit scoring.
It is a restriction imposed on the CRAs that prevents them from continuing to show the derog in credit reports they issue.
And it is not absolute, meaning that under very limited circumstances, creditors can still receive a report that includes normally excluded derogs.
Exclusion of a collection, for example, will prevent others from becoming aware of an unpaid debt by a normal pull of your credit report, and seeing an unpaid collection.
However, if the debt is unpaid, a potential creditor can still ask for a disclosure of any unpaid debt.
Additionally, if the statute of limitations has not yet expired, credit report exclusion will not block the ability of the creditor to bring civil action and obtain a judgment.
