Remedying Bad Credit-Sound Too Good to Be True?-It Probably Is!
Unfortunately, there are no quick cures to eliminate bad debt. Think about it for a minute; if there were, no one would ever have credit problems. So, if you come across what sounds like an unbelievable remedy for your credit troubles, BEWARE!!! All too often, these “debt elimination” student debt scams attempt to take advantage of struggling debtors by charging large fees that promise to erase debt and which, of course, never do. In most instances, people who owe large amounts of money, either on their mortgage, on auto loans or their multiple credit cards, are anxious to get relief from their bills and are, thus, vulnerable to these scams.

These “debt elimination” student debt scams can be found on the Internet, in local newspapers and even presented in large, ornate hotel rooms across the United States. The ads on the Internet and in the paper promise “debt elimination”, “credit repair” and other quick fixes that may cost the person who already is in debt, thousands of additional dollars. The student debt scam artists who appear in person in hotels and halls across the country are even more persuasive, offering messages of “freedom from debt” to unsuspecting and often naïve individuals.

By reading the information on our website and talking to a member of our experienced and professional debt consolidation staff, you can find your way out of the maze of debt without being sold “a bill of goods”. 

Credit Reports
You should be sure to check your credit report scores at least once a year. Although many companies promise “free credit score reports”, most of them actually charge a fee for this service. You can actually get your credit scores for free (really) by visiting If you find that there are inaccurate or obsolete items that appear on your credit report, you can get them legally removed by working with a reputable credit reporting service. You most definitely should not pay a “credit repair service” (read student debt scam) to remove these items. However, just because an item is listed in your report that reflects negatively on your credit, it will remain until it expires after a set amount of time.

Example of a Debt Elimination Scam (You Would Never Fall for this One)
There are many dishonest companies that prey on vulnerable and often frightened debtors. They provide, for a large fee (of course), a phony certificate that you take to your bank or mortgage lender that supposedly eliminates your obligation to repay your mortgage, auto, medical, school or credit card loans! What these unwitting victims actually receive is a worthless, albeit very harmful and expensive, document. The Federal Reserve Bank, the Office of the Comptroller of the Currency (which regulates national banks) and the FBI are all on alert to report, confiscate and act upon these all too common student debt scams. Again, be careful. If it sounds too good to be true…

Loans Scams

Student Loans Scams

Legitimate Debt Elimination Programs and Methods
If you are experiencing problems with paying your debts, you should immediately contact your creditors, explain the problems that you are confronting and try to work out alternate payment options. Creditors are generally cooperative in negotiating terms directly with their customers, so hiring a debt management company is frequently unnecessary. After all, your creditors would rather have you pay something than lose everything that you owe them. However, even if your creditors work out an alternative payment arrangement with you, it may have a negative impact on your credit report. You may, indeed, decide to hire an experienced and ethical debt management service or an attorney who specializes indebt management. Before hiring a debt management company, ask friends and family members for references and check with your local Better Business Bureau to see if there are complaints against the firm. You do not want any added aggravation to what you already have. Before engaging the services of a lawyer, you may want to consult your local American Bar Association, just to be on the safe side.

Debt Elimination
Bottom line—it is up to the creditor whether or not to accept your restructuring offer. However, it is up to you to whether to accept the creditor’s offer and face what may be long-term credit and tax implications. There are no quick fixes to your credit report or debt issues. The answer to rebuilding your credit is to manage your debt and consistently pay your bills on time.

We hope that you have found the above information to be helpful. For more help, please take a moment to fill out the form on the bottom of this page to speak with a member of our professional debt consolidation staff. You will be happy that you took the time to secure your financial future.