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FAQ


Is FreeCreditRepairAdvice.Org a debt settlement or debt consolidation company?
No. FreeCreditRepairAdvice.Org is not a debt settlement company. We are affiliated with hundreds of top performing debt relief companies that pass our high quality standards. We are simply a consumer based service that is looking to raise the bar in the debt relief industry and provide consumers a better deal when settling their debt. Our network of associated debt relief companies is vast and expands across the United States. FreeCreditRepairAdvice.Org is able to use our leverage in the debt relief industry to provide consumers the best of the best when it comes to debt relief options.

Why would creditors agree to eliminate some of your unsecured debt?
The simple answer is that creditors would rather have some of their money back than none at all. Credit card companies and other holders of unsecured debt agree to debt reduction arrangements when they feel a settlement of your debt will be in their best interest. In most cases they come to this conclusion because the person requesting the debt relief appears to be a legitimate candidate for bankruptcy. Knowing that in most bankruptcy cases they would receive nothing, they opt to take a discounted debt settlement on the debt rather than receive zero dollars in a bankruptcy case.

Will settling my debt hurt my credit score?
The short answer is yes. You credit score will temporarily go down for 1-2 years. This is much better than bankruptcy however which lasts 7 years on average. But you need to be realistic. If you are already behind on payments, or you might be shortly, your credit is already impaired because you have too much debt compared to your income. This is known as a high debt-to-income ratio. To be considered credit worthy again, you must drastically reduce or eliminate your debt, thereby reducing your debt-to-income ratio. So, while your credit score may take a little hit in the beginning using a debt relief company, it will become much better 1-2 years down the line.

Am I eligible for a debt relief program?
FreeCreditRepairAdvice.Org recommends only consumers and small business in unsecured debt of at least $10,000 hire a debt settlement company to eliminate unsecured debt. If you have less than $10,000 in unsecured debt and would still like to eliminate your debt it would be wise to contact your creditors by yourself instead of utilizing a debt relief company.

Why should you use a debt relief company?
Debt relief companies are better positioned to successfully negotiate a debt settlement due to their established relationships with various creditors. Credit card companies and other holders of unsecured debt are extremely concerned about collecting on their delinquent accounts. Debt relief programs employ skilled negotiators to negotiate debt settlements with your creditors. They know exactly how far to push the creditor to eliminate your unsecured debt. The best debt relief programs will also handle all the communication with your creditors so you do not have to deal with those annoying collection calls. Basically, if you have over $10,000 in unsecured debt it almost always makes financial sense to hire a debt relief program especially in this market where the majority of creditors are in a weak financial position.

What would a typical creditor of unsecured debt settle for?
A typical creditor of unsecured debt would settle for 40 – 60% of your balance although results vary considerably case by case and between different creditors. So if you have a credit card balance of $10,000, you could expect to settle for $3,000 – $4,000 on average with the help of a top performing debt relief company. Major credit card companies also currently have a large influx of federal stimulus dollars which they are using to offset their losses they incur through debt settlement. There really has never been a more advantageous time for consumers to settle their unsecured debt.

It is your legal right to dispute any inaccurate or
unverifiable items on your credit report.

Fixing Your Credit Can Help You:

  • Get Approved For a Home, Auto Loan, or Credit Card
  • Save Money by Paying Lower Interest Rates
  • Stop Embarrassing Turn Downs and Rejections
  • Regain Financial Control
  • Make a Fresh Start
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