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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: Bill Hinton/Getty Images June 10, 2022 Emma Woodward is a former contributor for Bankrate and a freelance writer who loves writing to demystify personal finance topics. She has written for companies and publications like Finch, Toast, JBD Clothiers and The Financial Diet. Aylea Wilkins is an editor specializing in personal and home equity loans. She has previously worked for Bankrate editing content about auto, home and life insurance. She has been editing professionally for nearly a decade in a variety of fields with a primary focus on helping people make financial and purchasing decisions with confidence by providing clear and unbiased information. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our loans reporters and editors focus on the points consumers care about most — the different types of lending options, the best rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. If you are struggling to pay off debts such as credit card debt, auto loans or , you may be looking for ways to lower your debt. If so, you’re not alone. Total household debt in the U.S. was as of 2022. Yet, it’s important to be careful when you receive enticing debt relief offers from solicitors. Debt relief and credit scammers target individuals with large amounts of debt or low credit scores. Signing up for a debt relief service without doing your research can lead to more money lost and an even if you’re not careful. When you are looking for , talk to a qualified credit counselor. Know the signs of a credit scam and research any debt relief company before you start working with them. What debt relief and credit scams look like
Managing debt can feel overwhelming, and you are likely on the search for any way to . But, it’s important to know about common debt relief and credit scams so you can spot them when they come to you. You may be the recipient of a credit scam if they reach out to you first. Scammers may send you an email or text or call you. They take advantage of your desire for a convenient solution to debt in order to get your attention. The Federal Trade Commission (FTC) enforces the Telemarketing Sales Rule which requires telemarketers to follow certain rules. If you feel like they might not be following these legal regulations, reach out to the FTC. Debt relief and credit scams also usually require payment upfront. A legitimate debt relief company will only collect payment from you once they are able to help you. When a company asks you for a large payment upfront, proceed with caution. There are no guarantees that debt can be lowered, so you should avoid any companies that guarantee a credit score improvement or debt settlement. How to keep yourself safe from scams
What can you do to stay safe from credit and debt relief scams? Follow these tips: Know the law. The FTC regulates things telemarketers can and cannot do. If you know the regulations, you can recognize when something seems off. Familiarize yourself with the Telemarketing Sales Rule, which only allows calls during certain hours and requires solicitors to stop calling you if you ask. Do your homework. If you do need help with your credit or managing your debt, research reputable companies and . Check the Better Business Bureau (BBB) to determine if a company is a scam or the real thing. Consider all the options. Managing a high amount of debt is tricky, but there are multiple ways to improve your situation. Look into all of your options. Consider talking to a credit counselor, consolidating your debt or working with a legitimate debt settlement company. Avoid upfront fees. A good debt settlement company won’t make you pay upfront. They will only charge you if they end up helping you with your debt. Don’t sign up for any service that requires any upfront fees. Legitimate debt relief companies
There are a lot of debt relief companies, but they aren’t all good. Here are some options for the . Accredited Debt Relief
Unlike credit and debt relief scammers, Accredited Debt Relief commits to honesty and integrity. Once you use their free consultation services, the Accredited Debt Relief team will let you know the best plan options for your situation and help you save as much as 50 percent on your monthly payments. CuraDebt
Claiming to have counseled over 300,000 individuals since 2000, CuraDebt works with all kinds of debt to help with debt negotiation, debt settlement and tax debt relief. They also have licensed attorneys on their team that can be consulted on your case as needed at no extra cost to you. Freedom Debt Relief
Freedom Debt Relief works hard to help its clients find freedom from . They work to get you the maximum amount of savings possible, and they let you know each time one of your debts has been settled. National Debt Relief
National Debt Relief is one of the top debt settlement agencies in the country. The company has an A+ rating from the BBB, so you can rest easy knowing you are in good hands. Customers have access to a free consultation before signing up for a debt settlement plan with the company. New Era Debt Solutions
Unlike debt relief scammers, New Era Debt Solutions doesn’t have any upfront fees. They promise to help customers get out of debt faster while paying only one low monthly fee. They also have an A+ rating from the BBB and 4.9 out of 5 stars on Google. Bottom line
Managing a lot of debt and a poor credit score takes a lot of work, but you don’t want to fall into a scam just because you are desperate. If someone reaches out to you with a deal that sounds too good to be true, it probably is. To find a trustworthy debt settlement company, research them through the BBB and FTC. SHARE: Emma Woodward is a former contributor for Bankrate and a freelance writer who loves writing to demystify personal finance topics. She has written for companies and publications like Finch, Toast, JBD Clothiers and The Financial Diet. Aylea Wilkins is an editor specializing in personal and home equity loans. She has previously worked for Bankrate editing content about auto, home and life insurance. She has been editing professionally for nearly a decade in a variety of fields with a primary focus on helping people make financial and purchasing decisions with confidence by providing clear and unbiased information. Related Articles