9 ways to determine company is legitimate or not:
You may have heard about debt settlement or to eliminate credit card debt. And if you are having the unpaid accumulated loans, probably you would be planning to go for settlement or consolidation. But beware! It is very important to get some tips before going for the settlement as there are companies that pretend to be legitimate, but actually, they are not!
1: Membership with TASC:
Check out weather the debt relief company is member of TASC or not. TASC (Trade Association of Settlement Companies). This organization is governing the performance of the legitimate debt relief companies. All members work in compliance with TASC and are obliged to follow their rules and regulations. If your company is not their member, it is better to leave them.
2: Company should be licensed:
When you are dealing with the settlement company, ask them either they are licensed or not, be alert at that moment, observe their each and every expression. A legitimate debt relief company will always welcome such question, but it will annoy the fraudulent one.
3: Good relation with the bank:
Try to discover either the settlement company is having the good relation with the seller or not, if not stay away from the company. It is also important to know before that either the credit company entertain settlement or not, if not avoid settlement; otherwise you might be sentenced in credit's wrath.
4: Check out the business bureau:
It is recommended to check out the business bureau that either the company is providing legitimate debt relief services and is registered with them or not; as fraudulent companies avoid getting registered.
5: Free consultation:
Companies with legitimate debt relief services give consultation for free. If they ask you for fee at the initial consultation, beware of that company.
6: Membership with BBB:
Check out either the company is legitimate or not, ask them if they are registered with BBB "Better Business Bureau".
7: Fee on industrial standard:
Fee should be charged on industrial standards. If they ask you for more or very less fee, than be careful about the company, they might be the fraudulent.
8: Previous records:
To know more about the debt relief company, ask them to show you some records. It will show them your concern with the company. If they are good at their work, they will not mind these types of questions. Infect they will entertain your questions and show you the previous records. If possible, do meet some person whose case has been deal by that company and request him to share his experiences.
9: Money payback guarantee:
Ask for the guarantee that in case of failure in settlement with creditor, the settlement company would be obligated to pay back your money, if they say no, look out for some alternate.