Washington State

Office of the Attorney General

Attorney General

Bob Ferguson

A Kent woman called this morning about a phone call she received from someone claiming to help her repair her debt. The caller insisted he was not a “debt consolidator” but that he could offer a valuable service. The consumer became suspicious when the caller asked for personal information – including her phone number and the security code on the back of her credit card.

Her caller ID failed to register any information and when she asked the caller the name of his company he promptly hung up.

Seems likely the caller was an identity thief. But the ironic thing is that debt consolidation programs offered by legitimate organizations can be helpful to some consumers. These programs combine your existing debts into a single loan with a lower interest rate.

But watch out for debt negotiation programs that claim they can work out a deal with your creditors to lower the amount you owe. These programs can be risky and may have a negative impact on your credit report and, in turn, your ability to be approved for new credit.

More information about managing your credit is available on our Web site here.

 

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