The truth about Debt Consolidation firms

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	Credit Corner      With Thomas R. McKee
Newsletter Date 9.05.2013
Credit Education for Loan Professionals. In This Issue: Why stay away from Debt Consolidation Companies!       Send these Newsletters to your Realtor contacts. You’ll be amazed at how much business it can generate! J                   Contact me personally:   Thomas R. McKee New West Credit Consultants 4605 W. 39th St. Sioux Falls, SD 57106 605-323-1316 office 800-900-7481 toll free 877-294-9562 toll free fax www.newwestcc.com tom@newwestcc.com               Have questions about a clients credit? Simply call us or email the credit report for a Free Analysis!	Debt Consolidation Companies      Also known as “debt settlement or debt negotiation companies”, these entities are notorious for putting themselves off as Non-Profit Organizations under the title 501 (c) (3). Why are there so many of them advertising almost every hour on TV? Because the CEO’s and upper management of these companies can make millions!      Although most 501 (c) (3)’s are Charitable Companies, the law does allow for “Private Foundations”, and this is where the major problems arise. The organization can’t benefit an individual person yet may benefit shareholders and highly paid management personnel! As I’ve always stated: Those with the strongest lobbying interest and the deepest pockets almost always have their way in Washington, DC!      Debt Settlement Companies most often advertise themselves as an alternative to Bankruptcy---that’s the “hook”. Let’s face it, none of use wants this option whether personal or as a business entity. To most of us it means we’ve failed!      Unfortunately we don’t have the space to explore all avenues of 501 (c) (3) companies in this newsletter…so here is the bottom line. 1)      These companies are NOT Non-Profit entities, period! In fact they are sometimes the most profitable businesses to engage in! 2)      They charge thousands of dollars in fees! 3)      They may settle with your creditors but Do Not always make payments to them! This is the biggest complaint that I have heard for the last ten years I’ve been in business! Thus the non-payments are reported to the Credit Reporting Agencies and your credit scores will plummet! 4)      Debt Settlement hurts your credit WORSE than a bankruptcy! Think about. If you are working with a company that has just “renegotiated” every one of your agreements with every creditor you have---what company in their “right mind” would offer you credit? NONE! 5)      Your Creditors Do Not have to accept any offer! 6)      If you are a good negotiator, you can do the same thing yourself. We are in a recession and companies are hungry for revenue—now is the best time to negotiate! 7)      Finally, there are legitimate companies such as New West Credit Consultants that focus on legally removing negative, erroneous and outdated information on your credit reports. Whatever remains on them, we will teach you the simple tactics to negotiate with your creditors---without paying thousands of dollars. In fact we do it Free of Charge!     Yours in Credit Education,   Thomas R. McKee

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Thomas R. McKee

New West Credit Consultants

4605 W 39th. St.