One of the many unfortunate results of the economic recession has been the increase in unsolicited calls from debt-relief and credit repair companies, hoping to profit off others misfortune. Some families are even desperate enough to believe the blatant lies and deceptive marketing ploys.
A recent story from Kgw.com, a Portland news source, featured Lisa Thompson, a mom from Oregon and unwitting victim of the debt reduction company "Clear Financial Solutions." Thompson was told by a representative that they could negotiate with her creditors to get her a lower interest rate. What she wasn't told was that this service would cost her $895.
Later when speaking with her credit card company Thompson was informed that she
could have negotiated a better deal herself.
Caller Complaints users have reported hundreds of similar calls pushing debt relief, consolidation, and credit repair services. Recently "anonymous" lamented, "I don't use credit cards. I don't own a home, so don't have a mortgage. Why are they calling me and wanting me to press one to lower my interest rate? I am on the DoNotCall list. Isn't it amazing that the Gov't can't stop them from annoying us?"
The Federal Trade Commission (FTC) warns consumers to watch out for promises that sound too good to be true, and gives helpful pointers on how to avoid being scammed.
Watch this short video with a message from Linda Parnes, the Director of the Bureau of Consumer Protection.
If you want to find out more click HERE to read tips on how to identify a credit repair scam, and to learn more about your rights.