Everyone has seen the ads before. A business will guarantee you perfect credit. (As if your credit history were a joke). Unfortunately, your credit isn't a joke. And your credit history will not disappear overnight, despite what a debt elimination services agency may have promised you. There isn't a quick remedy to your credit repair or debt problem. It's something that you'll have to work on. Your debt-elimination or credit repair solution may come in several forms. You may choose to contact a debt elimination service company. You may not. However, it's important to know that debt elimination services can't do any more for you than you can already do for yourself.

The Federal Trade Commission (FTC) annually warns consumers on debt elimination services and credit repair consultation. There have been many allegations and lawsuits with seemingly "notable" agencies. It appears that many of these companies have made wild statements, like "we'll repair your credit by erasing negative feedback," or "we'll eliminate all of your accrued debts within 24 hours" which aren't legal options. Nor are they believable promises. Be wary of these types of companies. They're promising you something that is unethical, illegal, and most certainly untrue.

Research the reputability of any agency with the resources of the internet. If you can't find any information on the company then don't use their services. After all, you'll have to provide a lot of personal information to a debt elimination service. Social Security numbers and credit card information aren't tidbits of information you want falling into the wrong hands. Use good judgment before accepting the assistance of debt elimination services. If the company tells you that their services are free, check the fine print. Are there any hidden fees? If something seems too good to be true, it most likely is.

There are several ways you can fall prey to a debt elimination scam. Some of the most commonly reported scams are told by consumers who've tried "debt elimination by phone." These "guaranteed quick-solution phone calls usually end up costing you money, rather than helping you. In addition, many of these services offer promotional credit cards to "help" you rebuild credit. While promotional credit cards may sound like the promise of a new beginning, they're usually not. They're tacked with all sorts of fees and their users usually end up in more financial trouble than they bargained for. Remember, you're trying to eliminate debt, not accrue more debts. Avoid calling "900" and "976" telephone numbers [for debt elimination assistance] like the plague! These exchange numbers will rack up some pretty hefty charges on your phone bill. That's right, more unwanted debt. It really isn't worth it.

Let's face it. Time and payment efforts are the only guaranteed solutions to healing your credit. Look at a copy of your own credit report prior to seeking outside help. If there are any genuine errors which you can prove are incorrect, by all means consult a reputable credit agency. They'll [more than likely] be able to correct your information and save you from further debts. While it may cost a few dollars now, it may save you from a lot of financially related headaches in the future.

Many debt elimination services arrange a payment method that coincides with your income. For instance, if 25% of your income is "spending money," debt elimination services may suggest that 10% of that money be put to your outstanding debts. It may take time, but it's better than waiting seven years to see if every negative mark has disappeared from your credit report.