There are signs of a legit company, there is laws restricting them from certain things and there is GOOGLE and of course our forums.
KEY FACTORS TO DETERMINE IF A DEBT SETTLEMENT COMPANY IS LEGITiMATE:
1. The company should be prepared to meet your needs in an honest and efficient manner.
2. The company should offer free consultation
3. The company should have available a debt counselor or specialist, who is qualified to assess your entire financial situation and recommend the most suitable course of action for your circumstances.
4. The debt counselor or specialist should work with you hand-in-hand in developing a program that will lower your monthly burden to a single, more manageable commitment leaving you debt-free in the shortest time possible.
5. A legitimate company will only charge you according to the original balance, not the balance after all of the fees and charges.
6. Please be very cautious if a company claims that as a part of their services, they guarantee to stop all creditor phone calls; guarantee that your credit will not be altered; or any mention of them having a trust account to hold your funds until the debt is negotiated.
7. The company should demonstrate the required business practices and standards required by TASC (Trade Association of Settlement Companies). TASC goals are to promote good practice in the debt settlement industry and protect the interests of consumers. TASC encourages debt settlement companies to provide services of the highest standards to ensure the public and the credit industry’s confidence.
8. In order to achieve successful negotiations, the company should have skilled debt negotiators and settlement professionals, who are current with the laws pertaining to debt, credit and collection and represent their debtor client’s best interest during debt negotiations with creditors and collectors.