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Millions of Americans are drowning in debt. If you believe the ads with their bold claims of success a debt relief company will help you pay off your bills for pennies on the dollar. The ads are everywhere: "Be debt free in as little as 24-48 months!" "Erase debts 50 to 70 percent or more!" "Legally get debt down to zero." Congressional Regulation? Congress may also take action.The Debt Settlement Act of 2010(S.3264 and H.R. 5387), would go even further. It would limit the set-up fee to $50 and the overall fee to 5 percent of the difference between the debt at the time of enrollment and the time of settlement. The settlement fee could not be collected until the debt is discharged. It sounds so easy. Consumer advocates and government fraud fighters say it's nothing like that. They see an industry where deceptive and abusive practices are common place and people desperate for help with their runaway debt are heartlessly taken advantage of. These are for-profit companies and they are looking to profit off your desperation and vulnerability. "Desperate consumers are paying thousands of dollars with no guarantee that even one penny of their debts will ever be settled," says Susan Grant, director of consumer protection at the Consumer Federation of America. The Federal Trade Commission says people who sign up with debt relief or debt settlement companies often end up withmoredebt than when they started. "To be sure, some debt relief services do help consumers reduce their debt loads," FTC Commissionertold Congressrecently. "In too many instances, however, consumers pay hundreds or thousands of dollars for these services and get more than they bargained for in return." Most debt relief companies want their money or a good portion of it up front. Their fees are often 14 to 18 percent of the total debt. Debt relief companies often tell their clients to stop paying their bills. Instead, the customer is instructed to pay a certain amount each month into a separate bank account set up by the company. They promise that once there's enough money in the account, they will negotiate "lump sum" settlements with Creditors. During this time, of course, the interest charges and penalty fees keep piling up on those unpaid accounts. You will definitely wind up in worse shape if you are paying your bills and then stop paying them. Creditors get tired of waiting and they will give your account to a collection agency or sue you.The debt relief industry claims the criticism is unjustified. The Association of Settlement Companies says its members saved consumers about $640 million in 2009.In a recent letter to the FTC, the association's vice president, Robert Linderman, insisted his industry treats its clients "respectfully and responsibly while producing significant benefits for consumers that far outweigh the cost of realizing those benefits." What's really going on here?In a report released in April, Marceline White, executive director of the Maryland Consumer Rights Coalition concludes: "Instead of getting the promised services, consumers typically end up with less money, more debt, a worse Credit score, and dwindling options." Earlier this year, the U.S. Government Accountability Office had its investigators call 20 companies posing as potential customers.GAO reportsit found "fraudulent, abusive and deceptive practices such as claiming unusually high success rates for their programs, as high as 100 percent." The report notes that FTC and state investigations have typically found that less than 10 percent of the clients successfully complete these programs. What needs to be done? Since 2003, the Federal Trade Commission has sued 20 debt relief companies. The settlements in these cases have helped more than 475,000 victims get some of their money back. The FTC says more investigations are underway. Agencies are pushing to have a new laws passed that require thedebt reliefcompanies to have to tell the consumer how long it will take to get relief, how much the service will cost and the company's true success rate. Most importantly, the FTC is proposing to prohibit any debt relief service from getting paid up front. They could only charge a fee after the debt was settled as promised. The industry opposes any attempt to ban advance fees. It claims such a ban would be unfair and would hurt consumers.  Bottom LineDebt relief companies promise the moon, but all too often fail to deliver. Of course, clients pay, regardless of the results. That's just not fair. If a debt settlement company can provide a real service, then they should get paid. If they can't do that, they don't deserve a dime. The Federal Trade Commission's final rule (expected in the next few months) will hopefully target the bad apples in this industry and puts them out of business. Want to get real help? Contact a reputable Credit counseling agency. At Double G Credit Repair and Restoration we helpour clients Credit by removing late payments, collections, charges off's, medical bills, repossessions and much more from all three credit reporting agencies. Just give us six months to clean-up your credit - start seeing results in the first four to five weeks. Double G Credit Repair Credit / Debit Clients Complete:Credit Report Request Form Or Email to:info@doublegcredit.net Or fax to: (817) 478-6608 ...read more

   Choosing the Right Credit Repair Service for You When choosing the right Credit Repair service for you there are many things to consider and your final decision should not be made lightly. As we all know, a good credit rating is incredibly important and comes into play in every aspect of our lives. Once you have destroyed the credit rating, it can be difficult to obtain financing for a mortgage, purchasing a car, to making basic everyday purchases, your credit rating has a significant influence on your ability to cover even the most basic of you and your family's needs. Things to consider when you are looking for the right Credit Repair service: Is the Credit Repair Service State Licensed and Bonded? This is a requirement by all States to operate a CSO (Credit Services Organization), you must be registered and bonded before receiving payment for any credit restoration or advisory services unless clearly stated in a disclosure agreement. If the company is not Licensed and Bonded it would be in your best interest to continue on your search for the right Credit Service for you. What Fees are going to be associated with the service?The most expensive Credit Repair Service is not always the best, but it is important to remember that you get what you pay for. Extended fees may mean that the company is taking additional measures to improve the credit score, such as working with the consumer to create repayment plans, budgets and other tools that can be used to help repair the credit rating. A Credit Repair service should have a reputable office and clients that have acted as references. Many organizations allow consumers to check with past consumers and see testimonials while providing references from insurance agents and other businesses to vouch for the reputation of the Credit Repair Company. Be sure that you seek a Credit Repair service that is reputable; often you can get information from friends and family members as to the reputable factor of the company. It is important to choose a Credit Repair Service that answers your questions and addresses your concerns. This will mean success throughout the Credit Repair service while allowing input from the consumer, you. Planning and Timeliness is another very important thing to consider, the Credit Repair service you choose needs to develop a plan and outline it with you, and be able to go through the steps of your specific plan in a timely manner. Double G Credit Repairis a great choice when choosing your Credit Repair Service.Since 2000, Double G Credit Repair has specialized in credit restoration. We qualify our clients for home loans, auto loans, better overall interest rates, employment opportunities, etc. We also offer identity theft prevention and correction, as well as Credit Counseling. We are Texas State licensed and bonded. Servicing all 50 states and we offer a 100% money back guarantee if we cannot improve your credit. By phone or person expect the same excellent service. ...read more