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Credit Counselor. A credit counselor is certified and trained in consumercredit, money and debt management, and budgeting. They can refer you to counselors in your area that provide financial reviews and help you determine a plan for dealing with your debt. DebtSettlement Services.
Offers for debtsettlement and debt repayment plans often sound too-good-to-be-true. According to the Consumer Financial Protection Bureau “a U.S. ” “Freedom took advantage of vulnerable consumers who turned to the company for help getting out of debt,” said CFPB Director Richard Cordray. .”
It’s also a platinum member of the International Association of Professional Debt Arbitrators. Focused on protecting and helping consumers. In 2010, the company helped to establish Federal Trade Commission rules to ban abusive debtsettlement practices and protect consumers.
Typical problems arise from: Bankruptcies : Declaring bankruptcy can resolve short-term problems while also creating long-term credit issues. Tax liens : Whether local, state, or federal, a tax lien from the government can put a huge dent in your credit profile for the foreseeable future. What can credit repair companies not do?
In 2022, the three largest credit bureaus — TransUnion, Equifax and Experian — started removing paid medical debts from consumers’ credit reports. FICO® and Vantage Score, the two major credit scoring companies, have also decreased the degree to which medical bills impact credit scores.
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