Debt consolidation scams

There have been so many debt consolidation scams for many years. However, given the current dire economic conditions the number of these scams are increasing all the time.

Many of these debt consolidation companies hide under their non-profit status. They count on people not fully understanding what the term not-for-profit means. Understand that term not-for-profit is nothing more than a tax status. However when they advertise themselves as a non-profit organization people are suckered in.

The debt consolidation companies’ tax status does not mean that they don’t charge for their services or make any money. It is easy to set up a not-for-profit organization and give yourself huge salaries and perks.

Be aware of trusting the Better Business Bureau (BBB), the American Association of Debt Management Organizations (AADMO), and other so called watch dog organization emblems you will see displayed proudly on many of the scammers’ websites.

Remember everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. By law, you have a right to get a free copy of your credit report from each of the three credit reporting agencies once a year and from any credit agency if your application for credit, insurance, or employment has been denied because of information supplied by that credit bureau.

If you’ve been denied credit, insurance or employment within the last sixty days, the company you applied to must provide you with that credit bureau’s name, address, and telephone number.

As far as consolidating federal student loans is concerned, these are government regulated and have very fixed rules. Including a formula to calculate the consolidated rate.

Click here to order “My Very Own Name”, a personalized children’s book

All the Top Brands! Vitamins, Supplements, Herbs
At least 20% OFF retail! Why Pay More?
Visit eVitamins Now

Post Footer automatically generated by Add Post Footer Plugin for wordpress.