Avoid the Damaging Effects of Unethical Debt Consolidation Service
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How do you do it? How can a consumer balance seeking fast debt relief while finding a reputable debt consolidation company opposed to a fraudulent credit counseling service? Nationwide, lending firms and debt consolidation services prey on the extenuating circumstances of the indebted. Although consumer laws protect the rights of consumers with bad credit, how can a consumer identify “the scam.”
It happens quite often. As credit card debt accrues, consumers are financially squeezed. In an attempt to extinguish debt, rapidly fraudulent organizations hone in on the desperate times of the debtor. For a nominal fee, fraudulent credit counseling services promise the world (debt relief) and deliver nothing.
Fortunately, there are telltale signs of the scam debt consolidation firm versus the credible credit counseling service. The following checklist will help you assess a good service from a bad one:
- Requires payment of credit repair services before services are provided
- Fails to disclose a consumer’s legal rights
- Does not offer free do it yourself remedies for repairing credit
- Advises the consumer to directly contact a credit bureau
- Recommends the consumer to reinvent good credit by applying for an Employer Identification Number to use versus a social security number
- Suggests that the consumer dispute all information in your credit report
- Recommends the consumer to take any action that seems illegal (i.e. creating a new credit identity)
If a debt consolidation firm suggests any of the above solutions to improve your credit, graciously decline services. Remember, if you follow illegal advice and commit fraud, you may be subject to prosecution.
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