Debt Consolidation / Credit Repair Rip Off's

Hello America

I'm writing today to issue yet another "warning" to you ....................

Today's warning is regarding another breed of predator / scam artist -

The "debt consolidation" companies.............. I never cease to marvel at what new ways these bottom feeders can contrive to extract money from consumers, and do so seemingly without care, concern not conscious ..

For the record, there are LEGITIMATE debt consolidation firms that genuinely do the job they've been hired to do, and help their clients but I'm not discussing them today .. Today I'm focusing on the ones that call consumers in need, create fictitious "payment plans" and then start deducting money from the client's bank account each month alleging it's going into a "savings / escrow" account which will then be used to pay creditors ... BULL!

These companies claim to be "saving" money for you and once they get enough to offer a settlement to your creditors, will pay it off ...What they DON'T tell you is that they are deducting their fees (monthly) from this alleged "savings" account and that they are making little to no effort to establish communication with your creditors!

Pay attention now ....Let's say you owe XYZ bank $10,000.00 on a credit card and that the "debt consolidation" company is deducting $250.00 a month from your bank account to transfer to the "savings / escrow" account they (or an affiliate bank of theirs) has allegedly established for you .. To pay the $10,000.00 in full it will take over 3 full years of "saving" ...Now let's say they are planning to offer XYZ bank a 50% settlement ...at $225.00 (deducting $25.00 for their service fee) it's going to take 1.85 YEARS to "save" the $5k!! Do you honestly believe XYZ bank is just going to sit there for 2 years with no payment, and do nothing???? Of course not! Odds are very good that XYZ bank will charge off your account within 4 months, and send you to collections, and then most likely SUE you! The "Debt consolidation" company that's been taking your money can DO NOTHING to stop and / or protect you from XYZ bank, and odds are even better, XYZ bank has never even heard of or from the company you hired to help you!!

Bottom line? You're basically "screwed" and have no legal leg to stand on!! - DON'T FALL FOR THESE SCAMS and / or HIRE THESE THIEVES!

Let's now move on to the "Credit Repair" companies that operate much in the same manner as the debt consolidation companies discussed above ....

They charge you a "down payment" fee and then a recurring monthly fee until the job is done ..I've seen some of these go on over a year!! I have been helping people fix their damaged credit for YEARS and I have NEVER seen it take longer than a couple of months!

Ok..so now you've been "warned" and know what to watch out for .... Debt consolidation / Credit repair are BOTH legitimate industries when handled by honest, credentialed professionals so don't assume it's all a scam - it's not

Do your homework before hiring anyone / company ..Don't rely solely on a BBB report as it may not reflect EVERYTHING you absolutely need to know...Call your State's Attorney General, Call the Federal Trade Commission, investigate licensing, etc ..

It's your money, and future! Protect it!

Until next time....God Bless

Edward J.Benko, Owner / CEO
Genesis Credit Solutions, Inc.
License # MB100019240
303-745-7003 Office
800-364-1939 Toll Free Voice / Fax
www.GenesisCreditSolutions.net
http://www.noscamshere.com/TheFactsofLoanModification.html