Debt Elimination Services

Everyone has seen the ads before. A business will guarantee you\rperfect credit. (As if your credit history were a joke).\rUnfortunately, your credit isn't a joke. And your credit history\rwill not disappear overnight, despite what a debt elimination\rservices agency may have promised you. There isn't a quick\rremedy to your credit repair or debt problem. It's something that\ryou'll have to work on. Your debt-elimination or credit repair\rsolution may come in several forms. You may choose to contact\ra debt elimination service company. You may not. However, it's\rimportant to know that debt elimination services can't do any\rmore for you than you can already do for yourself.

The Federal Trade Commission (FTC) annually warns\rconsumers on debt elimination services and credit repair\rconsultation. There have been many allegations and lawsuits\rwith seemingly "notable" agencies. It appears that many of these\rcompanies have made wild statements, like "we'll repair your\rcredit by erasing negative feedback," or "we'll eliminate all of\ryour accrued debts within 24 hours" which aren't legal options.\rNor are they believable promises. Be wary of these types of\rcompanies. They're promising you something that is unethical,\rillegal, and most certainly untrue.

Research the reputability of any agency with the resources of\rthe internet. If you can't find any information on the company\rthen don't use their services. After all, you'll have to provide a\rlot of personal information to a debt elimination service. Social\rSecurity numbers and credit card information aren't tidbits of\rinformation you want falling into the wrong hands. Use good\rjudgment before accepting the assistance of debt elimination\rservices. If the company tells you that their services are free,\rcheck the fine print. Are there any hidden fees? If something\rseems too good to be true, it most likely is.

There are several ways you can fall prey to a debt elimination\rscam. Some of the most commonly reported scams are told\rby consumers who've tried "debt elimination by phone." These\r"guaranteed quick-solution” phone calls usually end up costing\ryou money, rather than helping you. In addition, many of these\rservices offer promotional credit cards to "help" you rebuild credit.\rWhile promotional credit cards may sound like the promise of a\rnew beginning, they're usually not. They're tacked with all\rsorts of fees and their users usually end up in more financial\rtrouble than they bargained for. Remember, you're trying to\reliminate debt, not accrue more debts. Avoid calling "900"\rand "976" telephone numbers [for debt elimination assistance]\rlike the plague! These exchange numbers will rack up some\rpretty hefty charges on your phone bill. That's right, more\runwanted debt. It really isn't worth it.

Let's face it. Time and payment efforts are the only\rguaranteed solutions to healing your credit. Look at a copy\rof your own credit report prior to seeking outside help. If\rthere are any genuine errors which you can prove are incorrect,\rby all means consult a reputable credit agency. They'll\r[more than likely] be able to correct your information and\rsave you from further debts. While it may cost a few\rdollars now, it may save you from a lot of financially related\rheadaches in the future.

Many debt elimination services arrange a payment method\rthat coincides with your income. For instance, if 25% of\ryour income is "spending money," debt elimination\rservices may suggest that 10% of that money be put to\ryour outstanding debts. It may take time, but it's better\rthan waiting seven years to see if every negative mark\rhas disappeared from your credit report.

James Duggan writes articles on debt elimination and personal\rfinance. His website, http://www.fix-a-debt.com is an information\rportal on the subject. He is also a membership consultant for\rFinancial Freedom Society Inc. http://www.ffsi-rq.com