Free Consumer Debt Reports – Things Every Consumer Needs to Know About Debt Settlements

When considering solutions to large, outstanding, unsecured loans, one needs to look at all the information available. Therefore, the consumer can make an informed decision based on facts. Bankruptcy is a serious matter, and before taking it into consideration, one should base the decision on what is best for their particular situation.An article of information that can be particularly useful is the consumer debt report. These reports can be obtained free through almost any credit reporting agency. These free credit reports provide the consumer with information such as balance, pay history, and the credit score of the debtor. Lenders also are able to get a copy of these consumer debt reports. It is invaluable for the consumer to know and understand what the lender is seeing.Before jumping into debt settlement, the consumer should weigh out their options. It is possible to legally eliminate outstanding credit card balances through debt settlements with credit card companies. However, this settlement greatly reduces credit scores. In comparison, bankruptcy devastates credit scores for many years to follow.When in doubt, it is always wise to consult with a professional. There are many debt relief counselors and firms dedicated to credit counseling and credit recovery. Many times, their services are offered up for free. They are adept in guiding and counseling the client with outstanding unsecured balances and helping them understand the credit reports and how they are scored.If the consumer chooses debt settlement in an attempt to alleviate large credit card balances, they can retain the services of the debt counselors to help negotiate the settlement. These types of firms specialize in haggling with lenders to gain their clients the best possible settlement based on their particular situation. They are aware of up to date loop holes and legal ramifications of this type of credit negotiations. They are dedicated to helping their clients regain a credit foothold once again.