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Wednesday, October 12, 2011
Beware of Credit Repair Scams
If you are in debt, you’ve probably noticed the many advertisements on TV and the internet for credit counseling and credit repair companies. Many people wonder if they should try these types of services before deciding to file bankruptcy.
Unfortunately, credit repair scams are all too common. Many consumers hire a credit repair agency only to find that the agency takes their money and does absolutely nothing to help them. If a company promises to erase negative information from your credit report and requests upfront fees, it is likely the company is not legitimate. Negative credit information can only be removed from your credit report if it’s false information.
If you are looking for credit counseling services, contact the Office of the United States Trustee for a list of government approved agencies. Credit counseling can be beneficial if you need help making a monthly household budget or a plan for repaying your debt. Some companies also offer debt negotiation services. They will contact your creditors and attempt to negotiate settlement of the accounts in exchange for reduced lump-sum payments.
If you do not have the money available to make lump sum payments to creditors, or your debt stems from illness, divorce, or loss of income, bankruptcy may be a better option to eliminate your debt. The attorneys at Steigerwalt Law Firm can evaluate your financial situation and advise you on the type of bankruptcy that will offer the greatest benefit. Contact us to find out how we can help you get a fresh financial start.
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