Debt Elimination Services

Everyone has seen the ads before. A business will guarantee you

perfect credit. (As if your credit history were a joke).

Unfortunately, your credit isn’t a joke. And your credit history

will not disappear overnight, despite what a debt elimination

services agency may have promised you. There isn’t a quick

remedy to your credit repair or debt problem. It’s something that

you’ll have to work on. Your debt-elimination or credit repair

solution may come in several forms. You may choose to contact

a debt elimination service company. You may not. However, it’s

important to know that debt elimination services can’t do any

more for you than you can already do for yourself.

The Federal Trade Commission (FTC) annually warns

consumers on debt elimination services and credit repair

consultation. There have been many allegations and lawsuits

with seemingly “notable” agencies. It appears that many of these

companies have made wild statements, like “we’ll repair your

credit by erasing negative feedback,” or “we’ll eliminate all of

your accrued debts within 24 hours” which aren’t legal options.

Nor are they believable promises. Be wary of these types of

companies. They’re promising you something that is unethical,

illegal, and most certainly untrue.

Research the reputability of any agency with the resources of

the internet. If you can’t find any information on the company

then don’t use their services. After all, you’ll have to provide a

lot of personal information to a debt elimination service. Social

Security numbers and credit card information aren’t tidbits of

information you want falling into the wrong hands. Use good

judgment before accepting the assistance of debt elimination

services. If the company tells you that their services are free,

check the fine print. Are there any hidden fees? If something

seems too good to be true, it most likely is.

There are several ways you can fall prey to a debt elimination

scam. Some of the most commonly reported scams are told

by consumers who’ve tried “debt elimination by phone.” These

“guaranteed quick-solution” phone calls usually end up costing

you money, rather than helping you. In addition, many of these

services offer promotional credit cards to “help” you rebuild credit.

While promotional credit cards may sound like the promise of a

new beginning, they’re usually not. They’re tacked with all

sorts of fees and their users usually end up in more financial

trouble than they bargained for. Remember, you’re trying to

eliminate debt, not accrue more debts. Avoid calling “900”

and “976” telephone numbers [for debt elimination assistance]

like the plague! These exchange numbers will rack up some

pretty hefty charges on your phone bill. That’s right, more

unwanted debt. It really isn’t worth it.

Let’s face it. Time and payment efforts are the only

guaranteed solutions to healing your credit. Look at a copy

of your own credit report prior to seeking outside help. If

there are any genuine errors which you can prove are incorrect,

by all means consult a reputable credit agency. They’ll

[more than likely] be able to correct your information and

save you from further debts. While it may cost a few

dollars now, it may save you from a lot of financially related

headaches in the future.

Many debt elimination services arrange a payment method

that coincides with your income. For instance, if 25% of

your income is “spending money,” debt elimination

services may suggest that 10% of that money be put to

your outstanding debts. It may take time, but it’s better

than waiting seven years to see if every negative mark

has disappeared from your credit report.

Source by James Duggan

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