Choosing the Right Debt Negotiation Company

When you decide to reduce the amount of debt you owe through debt settlement, it matters which debt negotiation company you choose. Your partner in getting your debt under control, this company may help you set up a savings account, contact creditors, and make payments. Look at five criteria when choosing the company you use.

Check Reputation

Start by identifying the top companies, like Freedom Debt Relief. These businesses earned superb reputations through honesty, reliability, and methods that work. U.S. News and World Report analyzed debt settlement companies in the U.S., naming the top four. Starting with companies that maintain a superb reputation, you proceed to choose by considering further criteria.

Check Customer Service

Check each debt relief company on the good reputation list for its customer service ranking. According to Forbes, a consumer should visit the website of the Better Business Bureau, the Consumer Financial Protection Bureau’s Consumer Complaint Database, and their state attorney general to check each company’s record. Look up each firm and determine its customer service score. This rating references consumer reports of impropriety, if any, and consumer reviews.

Determine Accreditation

Don’t use a company that has not earned either an accreditation from the International Association of Professional Debt Arbitrators (IAPDA) or the American Fair Credit Council (AFCC). The best companies earn the accreditation of both organizations, which set standards that members must meet. Check each company’s membership by visiting the AFCC and IAPDA websites.

Are You Eligible?

Every debt negotiation company uses different eligibility criteria. Some specialize in specific debt types. If you need to reduce medical debt, a company that works with credit card companies can’t help you. Determine each company’s minimum debt amount for enrollment. For example, Freedom Debt Relief requires a minimum of $7,500 in debt for an individual to enroll in its program.

Fees Charged

Every debt settlement company charges fees. Compare the fees charged by each company that handles the type of debt you need to get under control. Once you’ve reached this point in the criteria list, apply to the company with the lowest fees first. Consider the percentage fees, savings account fees, and any other fees.

Getting Out of Debt

In the U.S., many debt relief companies offer services to consumers, but choosing which one to use takes time and effort. Starting with a top 25 or top four list can help, but you’ll still need to check the criteria of each company to see which fits your needs.

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