Indeed! They are legitimate. Many people have found relief through such programs. However, not all companies are as legit as others. When you're searching for a debt relief program, look out for the following signs of shady debt relief and consolidation companies.

GLOSSARY TERMS

Credit Counseling: a program for reducing monthly payments, where a consumer is placed on a "Debt Management Plan" to repay their bills, frequently at a reduced interest rate.

Credit Score: a determination of the ability for a consumer to make payments on future loans, determined by analyzing their past and current performance, including payment history, debt level, debt utilization and other factors.

Collection Agency: a company hired by a creditor to collect a debt that it is owed.

Debt Consolidation: a loan, provided to consolidate debts into one loan with one payment, typically shifting credit card debts to secured debt by refinancing a mortgage.

Debt to Income Ratio: a determinant of financial well-being arrived at by dividing monthly debt payments by income.

Debt Management: a service provided by an agency that provides debt help services, including credit counseling, debt settlement, and debt consolidation loans.

Debt Settlement: a program for reducing consumer debt to the lowest level, typically with a low monthly payment, while avoiding bankruptcy.

Fair Isaac and Company: Fair Isaac is the company responsible for creating the FICO score. This three digit score is created using information from your credit report and ranges from 300-850. The major credit bureaus use this score in evaluating your credit.

Gross Salary: total amount of money earned before taxes and other deductions are subtracted.

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