Debt Elimination Scams You Should Avoid
In tough economic times, scam artists often target vulnerable people who are experiencing financial problems due to job loss, lower wages or higher prices on commodities. If you find yourself in a position where you are falling behind on payments or your debt load is increasing, don’t fall prey to criminals who create fake companies that offer to “clean up” your credit.
While there are legitimate credit counseling agencies that do advise people on how to improve their debt situation, beware of those who offer to erase information from your credit record for a hefty up-front fee. They can’t do anything you couldn’t do yourself by contacting any of the three major credit reporting agencies: Experian, Equifax and TransUnion. And, if the negative information on your record is accurate, no one can get it removed for at least seven years.
TFCU members can call us for advice or take advantage of confidential debt counseling at no cost to them by calling BALANCE toll-free at 888-456-2227.