I hope I am posting this in the right section, but I really need help. I received an alert from Experian telling me that one of my accounts was just listed as a charge-off on 7/12. I have been paying this account through a credit reduction agency. Does this mean that this creditor sold my account and that is why it is charged-off? Was I scammed by the credit counselor?
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.