What does pda mean on equifax

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What Does PDA Mean on Equifax?

PDA stands for Payment Deferral Agreement, and it is a tool used by Equifax to help consumers manage their credit. It is a voluntary agreement between Equifax and its customers that allows them to make arrangements to pay off their debts over a period of time. This agreement can be used to help consumers manage their debt and avoid defaulting on payments.

The PDA is a way for consumers to negotiate a payment plan with their creditors. This agreement allows the consumer to make smaller payments over a period of time, rather than having to pay off the entire debt in one lump sum. This can be beneficial for those who are struggling to make their monthly payments, as it can help them manage their budget more effectively.

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When setting up a PDA, Equifax will review the consumer’s credit report to determine their ability to make the payments. They will also review the consumer’s financial situation to make sure that they can afford the payments. Once the PDA is approved, the consumer will be required to make the payments as agreed. If they are unable to make the payments, the PDA can be cancelled and the debt will be reported to the credit bureaus.

The PDA is a great tool for those who are struggling to manage their debt. It can help them make more manageable payments and avoid defaulting on their debts. It is important to remember that the PDA is a voluntary agreement and the consumer can cancel it at any time. It is also important to make sure that the payments are made on time, as late payments can have a negative impact on the consumer’s credit score.

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