So you’ve heard all about debt relief companies and their success rates with debt elimination, and now you’re looking to hire one out of the multitudes but need to know where to begin. Understandable. The market is swarming with thousands of debt relief programs and agencies, each touting itself as the best in the game, and while we all love a spoilt-for-choice moment, sometimes too many options can get overwhelming. With that, a criterion to sift through the noise becomes necessary.
6 Must-have Features For Reputable Debt Relief Companies
This piece highlights six tested guidelines that’d help identify a reliable, effective, and legitimate debt relief company. The factors mentioned ahead work as a measure for vetting debt relief agencies and rounding up an eligible pick for your financial needs. Read on for more.
1. Accreditation
Keep your eyes peeled for accreditations to spot a legitimate debt relief company. In the United States, most debt relief companies are accredited by the American Fair Credit Council or the International Association of Professional Debt Arbitrators. As a rule of thumb, ensure you run an ACCA or IAPDA accreditation check on every potential debt relief company before hiring. Double-check with the FTC’s list of banned debt relief companies before putting out any personal information to save yourself from scammers.
2. Transparency
Transparency is key when looking into debt relief. For this reason, it is in your best interest to go with a company that discloses vital information upon request without hesitation. Questions like how much an agency would charge for its services, a fee breakdown or field experience shouldn’t be something to withhold from a potential client. However, if a debt relief company is unwilling to disclose such information without a valid reason, we’d recommend looking elsewhere.
3. Cost
It is typical for debt relief companies to charge for their services; the fee, often a small percentage of the debt owed, is something you should be aware of from the jump. As most debt relief companies include these details on their website, your main task should be finding out whether or not the mentioned cost aligns with your budget and the state’s standard charge for debt relief. Anything ranging too high or too low qualifies as a red flag. More importantly, request that the company break down their charges so you know what you’re paying for.
4. Eligibility
Moving forward, the debt relief company you work with must align with your situation and needs. As you’ll find, most debt relief companies have a list of requirements for their clients to meet: location, debt balances, income range, et cetera. Please make a point of tying those requirements to your debt relief needs; you can do so by jotting down a detailed list of what exactly you’re looking for in a debt relief company and running it against the company’s client eligibility to find the perfect fit.
5. Customer Reviews
Nothing speaks on a company’s quality of service like customer reviews do; fortunately, this is the measure you could borrow to vet your debt relief company. Log on to the company’s website and skim through any comments, feedback and ratings by previous clients for a peek into their customer experience. You can take this exercise up a notch by using review sites like TrustPilot or the Better Business Bureau to verify their reviews.
6. Direct Negotiation
While indirect negotiations aren’t unheard of, we strongly recommend working with a debt relief agency that directly negotiates for its clients. Direct negotiations will go a long way in protecting your personal information and finances from fraud compared to the transfer of info, which is synonymous with indirect negotiations.
Wrapping Up
Finding the right debt relief company to help you with debt elimination is no walk in the park; nevertheless, it is quite doable. With the right input and strategy, one can effortlessly land the best debt relief agency without compromising their budget or quality of service. All you need to know is what you want and what to look for; once you have this figured out, nipping the hunt in the bud is no challenge. Look to the tips mentioned above to work out the latter and embark on your debt-free journey.