Honest Credit Debt Consolidation Loans Now Available
Honest credit debt consolidation loans are now a reality thanks to groups like the Better Business Bureau (BBB), the Association of Settlement Companies and the Federal Trade Commission (FTC). Most of all the FTC has improved the situation after releasing a 229 page report detailing short comings in the debt help industry. The resulting regulation changes has created a new environment that debtors should be aware of. Dealing with debt is easier and safer now. To find out why, read on.
Credit debt consolidation has been tricky business in the past. A monumental improvement in the functioning of the debt relief industry comes from a very simple law. A credit debt consolidation firm must now show a result before they can charge a customer. With up front fees now prohibited debtors can rest assured they will have their debt consolidated or they won’t have to pay. This alone eliminates unethical companies and perpetrators of fraud.
Regular updates throughout the negotiation process are now required. Previously debtors could assume that creditors were fine with a lack of payment throughout the term of negotiation only to end up facing legal action because their debt experts had not kept them in the loop. This problem does not exist now that regular contact between debtor and negotiator is now mandated by law. Credit debt consolidation negotiators have a responsibility to inform you of where the proceedings stand.
Credit shock used to occur because clients seeking help had no idea what effect that help would have. A credit debt consolidation company has an obligation under the law to tell a debtor before the process begins what will happen to a credit rating. No more credit shock.
With economic tough times continuing it is important that safe credit debt consolidation exists and that consumers know their rights. To find out more, talk to an expert at this Free Debt Relief Network http://www.debtreductionexpert.com/?id=4444
Credit debt consolidation has been tricky business in the past. A monumental improvement in the functioning of the debt relief industry comes from a very simple law. A credit debt consolidation firm must now show a result before they can charge a customer. With up front fees now prohibited debtors can rest assured they will have their debt consolidated or they won’t have to pay. This alone eliminates unethical companies and perpetrators of fraud.
Regular updates throughout the negotiation process are now required. Previously debtors could assume that creditors were fine with a lack of payment throughout the term of negotiation only to end up facing legal action because their debt experts had not kept them in the loop. This problem does not exist now that regular contact between debtor and negotiator is now mandated by law. Credit debt consolidation negotiators have a responsibility to inform you of where the proceedings stand.
Credit shock used to occur because clients seeking help had no idea what effect that help would have. A credit debt consolidation company has an obligation under the law to tell a debtor before the process begins what will happen to a credit rating. No more credit shock.
With economic tough times continuing it is important that safe credit debt consolidation exists and that consumers know their rights. To find out more, talk to an expert at this Free Debt Relief Network http://www.debtreductionexpert.com/?
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