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How to Avoid Debt Relief Scams
The most unfortunate thing is that most of the Americans suffer from
overwhelming debt. Plenty of organizations and companies have cropped up
offering their services to help the people overcome their debt. However, there
are also those seeking to take advantage of people in debt. The key to avoiding
debt relief scams is to understand how they work and the characteristics of such
scams. The very first thing you should know is that there is nothing a debt
relief company does that you cannot do on your own.
If a debt relief company acts like they can do things for you that are
impossible for you to do on your own, steer clear. All debt relief companies do
is contact your creditors and ask for a reduction in late charges, interest
rates or fees in exchange for timely monthly payments. You can do this by
yourself. They may also contact the credit bureaus on your behalf to dispute
entries or request inapplicable entries be removed. This is also something you
can do on your own. The only reason you may want to use a debt relief agency is
if you don't have time to call all your creditors, contact the bureaus and mail
off numerous payments each month.
Scammers looking to take advantage of consumers in debt may promise a reduction
or elimination of your debt. What actually happens is that the scammer gets your
money and your credit gets even worse. If you are suspicious about a debt relief
company you are working with, there is an easy way to find out if they are doing
what they promised. You simply call your creditors and ask them if payments are
being made on your account. If there are no records of the appropriate payments,
you know you're being scammed.
The good news is that although there are debt relief scams out there, there are
also plenty of legitimate credit counseling agencies and debt relief companies
who actually provide a valuable service. Consumer Credit Counseling is a
nonprofit agency that you can trust when it comes to helping you get out of
debt. Check your telephone directory to find out if there is a CCC office in
your local area. They work in much the same way as debt relief companies and
have a trusted reputation of providing quality services to citizens in debt.
Read more on
Debt Relief
Scams
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