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Consumers should be wary of debt consolidation, mortgage scammers
By Peggy Stillwell on May 25th, 2010
The Federal Trade Commission noted recently that when looking for debt consolidation, consumers should make sure they are dealing with reputable companies.
To make sure consumers are educated about the dangers associated with false loan companies, the FTC created a website that represents a fake loan service company offering mortgages and debt consolidation loans. When a person clicks a link on the site, they are led to a warning from the commission noting they may have exposed themselves to fraud.
"These scammers start by promising loans, only later revealing a fee that consumers have to pay first," the FTC said.
The commission noted that often these fake loan companies will often keep these fees while not providing the loans promised. They may also try and steal a consumer's information and use it to open other accounts.
The website, wemarket4u.net, provides consumers with tips to help them identify these scams. Consumers who are seeking help through debt consolidation should make sure they are dealing with legitimate companies such as consumer credit counseling to avoid being taken by false promises.
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