debt management firms

[pastorables]

http://www.epicmm.com/

Can anyone tell me if the linked site and other such sites are valid? I have an acquaintance who says they have promised to settle debt down by around $2,000. Can this be possible? What is the catch?

pa

[Mole_J]

I can't speak for the validity of these sites, but your credit will take a bigger hit from going to one of these companies than filing bankruptcy.

As the article below states, in the long run the debt assistance companies may help, as it disappears from your credit report after so many years, but your credit is ruined until it disappears from your credit report.


article

[AndyG]

I can't speak for the validity of these sites, but your credit will take a bigger hit from going to one of these companies than filing bankruptcy.

As the article below states, in the long run the debt assistance companies may help, as it disappears from your credit report after so many years, but your credit is ruined until it disappears from your credit report.


article

As a customer of one of these services this article is dead wrong, at least from my experience.

During the 5 years it took to work through the program, yes, getting credit was tough, but it SHOULD be since you are trying to get OUT of debt, not further IN debt.

After the program ended, our credit rating shot up to the point we qualified for the lowest mortgage rates on a refinance and I have had no issues getting credit when needed.

If you use a reputable service, the notations should come off your credit report as soon as you are finished with the program.

I recommend CreditGuard of America. They were great to work with and are one of the few agencies CitiBank will negotiate with on a regular basis.

[Mike Vande]

IF someone has credit problems big enough to need an angency like that, their credit is already ganked. Going to one of them won't hurt it any worse than staying away from one will.