Selecting The Right Debt Settlement Companies
Selecting The Right Debt Settlement Companies
People who have a great deal of consumer debt are being bombarded with information from debt settlement companies on what they can do to get out from under that financial burden. Often, the influx of mail or phone calls or even advertisements makes people shy away from any contact with this type of a company. However, when you think your only alternative is bankruptcy, you should really look into debt settlement.
We all know that bankruptcy can pretty much bottom out your credit rating and leave you in a bad position for up to seven years, with certain things remaining on your credit report for much longer. Although debt settlement will also negatively impact your credit at first, it will begin to rebound much more quickly than after a bankruptcy, and it won't be very long before you can have great credit again. Don't go with a company that tells you that settlement won't affect your credit. The only way to maintain good credit is to always pay all of your bills on time. After settling your debt, you should be in a position to begin rebuilding your credit by making all necessary payments on time.
Looking for debt settlement companies that are legitimate and that can actually help you may seem like a daunting task. However, there are a few things that may make your task easier if you consider them during you information gathering phase. The first is to look for TASC accreditation. The Association of Settlement Companies is an independent watchdog group that offers accreditation to companies who meet its rigorous standards. They are a third party that works to make sure that its members are competent and have high performance capabilities.
Another think you can look for is whether the company offers a guarantee of service. This should come in the form of an understanding that you do not pay a fee or your fee will be refunded to you if they cannot get a settlement of the debt. You should also not go with a company that promises a quick fix, because this type of thing always takes time.
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