I'm interested in doing this, but have seen a few articles that this no longer works because the credit bureaus have smartened up. I read that even if CA agrees to remove the credit bureaus may not allow it because they have a reputation of their own - if they just allow CA's to remove debts based on Pay for Delete in order to raise a FICO/credit rating score then they are not really true scores.
Is this true? Do Pay for Deletes still work - or is this something that worked in the past but not so much today?
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.