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# Debt Relief 101 - Questions, Answers and Terminology

Indeed! They are legitimate. Many people have found relief through such programs. However, not all companies are as legit as others. When you're searching for a debt relief program, look out for the following signs of shady debt relief and consolidation companies.

GLOSSARY TERMS

Credit Counseling: a program for reducing monthly payments, where a consumer is placed on a "Debt Management Plan" to repay their bills, frequently at a reduced interest rate.

Credit Score: a determination of the ability for a consumer to make payments on future loans, determined by analyzing their past and current performance, including payment history, debt level, debt utilization and other factors.

Collection Agency: a company hired by a creditor to collect a debt that it is owed.

Debt Consolidation: a loan, provided to consolidate debts into one loan with one payment, typically shifting credit card debts to secured debt by refinancing a mortgage.

Debt to Income Ratio: a determinant of financial well-being arrived at by dividing monthly debt payments by income.

Debt Management: a service provided by an agency that provides debt help services, including credit counseling, debt settlement, and debt consolidation loans.

Debt Settlement: a program for reducing consumer debt to the lowest level, typically with a low monthly payment, while avoiding bankruptcy.

Fair Isaac and Company: Fair Isaac is the company responsible for creating the FICO score. This three digit score is created using information from your credit report and ranges from 300-850. The major credit bureaus use this score in evaluating your credit.

Gross Salary: total amount of money earned before taxes and other deductions are subtracted.

By Donald Weatherfield. Debt relief is what you need if you're in debt. Get the debt relief help, information, and resources you need at http://www.bills.com

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