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? about DMP

Senior Contributor

? about DMP

If one is involved in a dmp, and decides to discontinue it early, does the bureau status go from MANAGED BY DMP back to being managed by consumer?  Just wondering....

Message 1 of 4
Community Leader
Legendary Contributor

Re: ? about DMP

It's not automatic, as the CRA has no way of determining such a status. 

It would require the party who reported that information to update their reporting. 

Message 2 of 4
Super Contributor

Re: ? about DMP

IMHO no.  My reason is that long after I finished DMP, the comment about being in one is still on my CR.  Not to worry though since as far as I know it has not impacted my ability to get new credit.

06/13/2018: FICO 821 EQ 814 TU 808 EX
Message 3 of 4
Moderator Emeritus

Re: ? about DMP

Are you in a better situation where you no longer need the DMP?   If so then it's time to get serious and pay those debts off.  I was in your situation, but my DMP program absolutely crashed my credit.  It wasn't till I got out from under them that I was able to actually get some stuff cleaned up.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 4 of 4