Consolidating debts may temporarily reduce your credit score, but your score will improve over time as long as you make payments on schedule. You can minimize the impact on your credit through strategies like keeping credit lines open and avoiding new debts.

Bottom line. If you do it right, debt consolidation will only cause a minor hit to your credit, after which your scores should quickly rebound.

The minimum credit score needed to secure a debt consolidation loan ranges from 580 to the mid-600s, depending on the lender. The best terms and rates go to borrowers with scores that are around 700 or higher.

Will Using Accredited Debt Relief Affect My Credit? Your credit score will likely go down when you start using any debt relief company, including Accredited Debt Relief. That's because these companies typically advise you to stop making payments on your enrolled debts while they're being negotiated.