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Don’t fall prey to a debt settlement or credit repair scam

If you find yourself learning more about debt relief, you know one thing to be true: You hope to make immediate progress.

Unfortunately, this can lead to a situation in which you don't always think clearly. Instead, you're willing to try out any service that promises to fix your problems.

There are many debt settlement and credit repair scams out there, all of which will cause more harm than good. For this reason, you need to know how to pinpoint these.

Here are some signs of a scam:

  • You are asked to pay a fee before getting started
  • You are not provided information regarding your legal rights or the steps you can take on your own
  • You are told to apply for an Employer Identification Number so you no longer have to use your Social Security number
  • Advice that you engage in some form of fraud in an attempt to clear up your situation

With so many people seeking debt settlement and/or credit repair assistance, it's no wondering why there are so many scams out there. As a consumer, this can make it very difficult for you to decide what you should and shouldn't be doing.

Here's the good thing: There are many ways to seek debt relief without putting yourself in a worse position. For example, you can call your lender on the phone, discuss available debt relief programs and work things out one on one.

If debt settlement is on your mind, don't be in so big of a hurry that you fall prey to a scam.

Source: FindLaw, "Debt Negotiation and Settlement," accessed Feb. 16, 2018

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