Anthony's credit score fell from 730 to 590 after enrolling. Sandra's credit was already in the 500s because of missed payments and collections. Lauren, meanwhile, actually saw her score improve after entering the program.
Because LITs don’t set their own rates, LIT Victor Fong of Fong & Partners recommends focusing less on cost and more on whether the trustee is someone you feel comfortable working with.
For me, it didn’t seem to move the needle much at all. My Equifax score started at 849 and at the end of the experiment my score was… 849. I already had pretty established credit, so I could still see this being more useful for newcomers or people rebuilding after financial difficulties.
Of the landlords who clearly answered the question, 11 out of 20 said they required a credit check as part of the application process. That works out to 55%.
Shelby turned $45,000 of debt into a $250 monthly payment she could actually afford. Christopher reduced a $20,100 balance down to about $7,000. Chris finally escaped the cycle of moving money around while interest kept growing.
For Tiffany, the real turning point came after the proposal was fully completed. Once those payments were behind her, rebuilding became easier. Today, her credit score sits in the mid-600s and continues to climb.
