I am current on all of my loan payments. Why would an entity other than my bank or creditor offer to help me eliminate my debt?

These companies focus on consumers who are current on their debts as well and those who may be facing foreclosure. The perpetrators claim that they can eliminate or cancel various types of debt, including mortgages, credit card balances, student loans, auto loans, and small business loans. All are designed to take your money by collecting fees for doing nothing, possibly stealing your identity, or both.

If they steal your identity, they could run up substantial debts before you become aware of it. Someone with years of good credit history can have it ruined very quickly by using one of these companies.