Fraud, Scams in Online Debt Relief and Debt Settlement Companies? A Major Independent Investigation Reveals One Really Outstanding Company & a Few Great Ones, But Too Many Scammy Companies in Industry

    BROOKLYN, NY, June 06, 2009 /24-7PressRelease/ -- Only recently, May 7 2009, the Attorney General of New York State, Andrew M. Cuomo, announced a nationwide investigation into the debt relief or debt settlement industry who offer ways to pay off debt. He subpoenaed 14 debt settlement companies and one law firm, launching an official investigation into the debt settlement companies' activities, and potential debt relief scams and "rogue" companies in the industry that prey upon consumers overburdened with heavy debt, giving his mission as being to "hold unscrupulous businesses accountable, to rein in a renegade industry, and to ensure that people are not victimized when faced with financial hardship."

Report of Recent Investigative Review Team on the Debt Relief Companies

Cuomo's action concerning scam debt, is actually the latest in a series of similar efforts in many other jurisdictions across the country by regulators and legal authorities who are concerned that a great and increasing number of companies which operate in the debt cures business today, are scam debt relief operations that are out to cheat and dupe an overburdened debt-ridden population in a bad national economy. Quite coincidentally, the subject, however, is in fact actually the subject matter of a full scale investigation of the industry conducted by (HDRR) REVIEWERS ( http://www.HonestDebtReliefReviews.Org), a reputable, independent online review organization that investigates online products and services or companies, especially in the debt relief solutions field, for their quality and authenticity.

In its report of the HDRR research announcing the findings of its investigations just released in New York in mid May 15th 2009, Benjamin Anosike, Ph.D., the Research division Director, stated that the review was prompted by the fact that,

"Consumers seem more and more today to be turning to debt relief organizations for ways to pay off debts in response to the current American economic recession... most of those companies in the debt relief market place, are competing to out do each other in their claims -- in constant advertisements on the Internet, radio and TV -- about the purported excellence and quality of the services they provide customers... Consequently, finding a truly good debt settlement company by a consumer under such circumstances, is not at all an easy task."

The report adds, "With so many companies out there, they all soon start looking and sounding alike after a while, as are their TV, radio, and newspaper ads. So, how in the world can the average person tell the good debt relief companies from the bad ones?"

The Major Findings of the Investigation

Basically, using the rigorous evaluation and ranking system devised by HonestDebtReliefReviews.Org's review experts called the "Key Evaluation Criteria" or KEC, the team scored and ranked 12 debt relief companies from across the country as the TOP DOZEN Online debt relief companies in the industry having the highest levels of professionalism, reliability and credibility in the critical criteria areas of evaluation for the industry -- accreditation by the Bureau of Better Business and by recognized certification institution for the debt relief industry, professional reputation, charges and cost of service to consumer, results of company background checks on expertise, quality of personnel, personnel education and training, length of time in the industry, past record in the business and in delivery of the services, customer satisfaction, etc.

"What are good debt relief companies? And are there many debt relief scam companies around?

Well, some of the detailed findings made by the comprehensive investigation conducted by the expert team of researchers commissioned by the HonestDebtReliefReviews.Org organization, were quite startling.

Among the major findings, are the following:

"SUMMARY:

==Over four-fifths (some 82.5%) of the test sample group of website-based debt relief operations used (165 out of 200), were basically what you'd call debt relief SCAMS -- that is, they were merely worthless website operations that have no business at all on the Internet peddling any debt relief solutions to consumers, and at best bordering on fraud, with no value-added and absolutely the kind of sites that should be a complete no-no for any and all wise consumers to shop in.

==Just 17.50% of the 200 company websites reviewed in our test sample (35 of the 200) are legitimate debt relief operations that are seemingly responsible business operations and fairly reliable, although the detailed extent of the quality of their services was variable in degree from one company to another.

==Some 12 companies in the sample group emerged, using certain defined additional evaluation criteria (such as the service affordability for the average person, security of website, evidence of large amount of savings to clients or whether company has successfully reduced millions of dollars of consumer and small business debt, customer satisfaction response times, flexibility of the program based on what a customer may have available on a monthly basis, etc), to additionally assess them, as the best debt relief programs, the very TOP DOZEN online debt relief companies in the whole country,

==Across the entire country, there is one company, located in San Diego, California, that stands way out over and above the shoulders of any others in the nation's industry as the Number #1 ranked debt relief company and program, the most reputable, competent and reliable one of its kind in the entire industry.

==From the research data from the field, when the option of debt settlement has been exercised for debtors through the hands of a debt settlement or debt consolidation company who is incompetent, or of staff that is inexperienced, consumers involved in those debts have often lost money, while some actually cause people to deteriorate further down to a worse financial condition and greater hardship which often force them to file bankruptcy, when, in fact, their purpose for going for the debt settlement option, in the first place, had been to avoid filing for bankruptcy.

"The Critical Finding and Lesson from this Review...

Reached in an interview, Dr. Anosike, the HDRR research director, stated that "Probably the single most significant, in deed, eye opening, piece of finding that emerged from this investigative work is this. That, depending on your particular financial situation and the kind of debt solutions you need, trying to settle your credit card debt through using a debt settlement or consolidation company could be a viable and fruitful option for you by which you may frequently be able to significantly reduce credit card debt, or even totally eliminate it. In fact, debt settlement is often a very good idea for individuals who are having difficulties with keeping up with outstanding overwhelming credit card debts that never do seem to go away, and who would prefer to make a negotiated arrangement with the creditor for easier and more manageable repayments, but do not wish to experience bankruptcy filing because they probably conceive it as something that would have a drastic negative impact on one's future credit."

Anosike continued: "However, results of the HDRR research investigations confirmed one startling fact. That, in large measure, whether this positive effect that we should expect to get from employing a debt settlement company actually results, in reality, for a particular debtor in a particular case, completely depends! If, for example, you choose the wrong debt settlement company to handle your debt relief plan and action, you may, in stead, find yourself in worse shape than you were before. Making sure to sort out, right before hand, scammy debt relief companies, is not only the easiest and simplest way to avoid being a debt relief scam victim. But, even more important, the surest way for debtors to reap tremendous savings and easier and cheaper payments on outstanding debts by them. Hence, it is critically important that you choose the right company. Like any other industry, there are good companies, and there are bad companies."

The central point for the consumer, any consumer at all, needing to make the vital decision about employing the services of a debt relief company, to understand, is this. The most critical task and challenge for you, is being able to sort out and find the proper debt relief company that does, in deed, have the essential experience, the history and record, and the skilled debt settlement counselors and negotiators, as to make that company reputable, reliable and trustworthy. And, in order for you to be able to do so and fruitfully accomplish this, there is just one basic essential PRECONDITION you've got to meet -- do a great deal of investigation and research on the companies involved in the industry on the various criteria for evaluation mentioned above.

"Given the mandate of this investigative review and research," says Dr. Anosike, the HDRR research director, "the task for the serious consumer or debtor to follow is really simple and uncomplicated. It says simply that if you want to secure terms for repaying your debts at levels which could be quite considerably lower and more favorable for you or even tremendous, at times, and you wish to do so using a debt settlement or consolidation company, you must FIRST and FOREMOST be certain that you search for and pick the right and reliable one. In deed, most preferably, the very best debt relief agencies. And to accomplish this, all you have to do - you must do - is do the proper and thorough research."

Anosike concluded: "We've tried in this HDRR review endeavor to make the resulting work product as thorough a study as possible. And comprehensive too, so that it would apply to and be usable in virtually any location in the entire United States. And, I believe we largely succeeded in that basic objective. Now, it would be up to consumers themselves hopefully to help themselves. They need not be victims of debt relief scamming. Rather, armed with the right knowledge, they can be - and should be - the victors in getting better debt settlement deals and terms."

For more on the report of this comprehensive HDRR debt relief industry investigation, or a listing of the HDRR Top Dozen Best Online Debt Relief Companies, including the supreme Number #1 company in the nation, visit: INVESTIGATIONS ( http://www.HonestDebtReliefReviews.Org )

Media Contact:
Benjamin Anosike, Ph.D.
HonestDebtReliefReviews.Org
Director
Voice: 718-684-4769
Website: http://www.HonestDebtReliefReviews.Org

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