Debt Collectors & Debt Scammers
Watch out for companies that promise to get you out of debt but do nothing except take your money.
Before trusting a debt settlement company, be sure to ask for references and check out their background with your state attorney general's office and the Better Business Bureau. Remember: no one can guarantee to eliminate your debt, so be wary of claims that sound too good to be true. And check out this warning from the Office of the Comptroller of the Currency (OCC).
Federal law protects consumers against bad debt collectors. Watch this video produced by the Federal Trade Commission, which describes what you can do when collectors go too far.
- The FTC offers consumer tips on avoiding debt settlement scams.
- 10 Questions to Ask a Debt Settlement Company, from Black Enterprise
- Promises to make debt go away are not good enough
- The National Foundation for Credit Counseling has assembled a collection of video and other resources on debt settlement
- This USA Today article provides a good overview debt settlement of a tricky business.
- The LA Times has run several articles:
- New York Times articles: