We are currently living in the digital era where almost every business relies on online reviews. The internet serves as a key decision making tool when consumers have to assess the credibility of a business/service. The same is the case with choosing a debt settlement company. People often read online reviews first before making their final decision which is great if you are looking for helpful insights but at the same time, these reviews can lead you astray too. When it comes to something as crucial as choosing a debt relief company, the question arises, ‘should you really just rely on online reviews?” Well, the answer to it is a little nuanced and today we are going to break it all down for you so that you can make better and more informed decisions.
The Debt Settlement Industry
Understanding how the debt settlement industry works is of utmost importance here. Basically what happens is that you hire a debt settlement company to negotiate with your creditor on your behalf. The company has to put up a settlement offer in front of your creditor and reduce your debt. Working with a legitimate company sure can bring you the kind of relief you want but then there are some companies in the industry that’ll use aggressive marketing tactics, have hidden fees and some just overpromise and underdeliver.
When you are already in financial distress, you really wouldn’t want to end up in the hands of a scammer waiting to take advantage of your vulnerability. Unfortunately, such scammers exist in the industry and online reviews aren’t enough to assess whether they are legitimate or not.
Online Reviews-To Trust Or Not To Trust
When you are using platforms like Google, Yelp or Better Business Bureau, you should mostly expect unbiased reviews. However, not all reviews and platforms are the same which is why it’s important for you to be careful. Here’s what’s wrong with online reviews;
- Fake Positive Reviews: Some companies literally pay people to post positive reviews about their company. Some even ask their employees to do so. Such reviews often lack personal details, they are vague and sometimes overly enthusiastic.
- Fake Negative Reviews: Sometimes, competitors pay people to post negative reviews about the other company. They do this to damage the reputation of the other party.
- Review Flooding: Companies sometimes suspiciously gain millions of followers with 5 star reviews. This tactic often fires back and it just drowns the honest opinions.
The Pros Of Online Reviews
Online reviews can provide you some useful insights too which is why neglecting them completely is never an option. Here’s how they help;
- If you read multiple recurring complaints about the fee structure of the company, the settlement process or failure of settlement then it’s a clear sign that the company has systemic issues.
- Online reviews can help you gauge the customer service of the company and how it treats its customers. A reliable company will have multiple satisfied clients praising their services, performance and transparency.
- Both positive and negative reviews can help you trace the pattern of how the company operates. If there are several positive reviews regarding a company, especially about their quick settlements, they’ll carry more weight than one or two negative reviews.
How To Tell If The Reviews Are Legitimate
There really is a thin line between fake and honest online reviews and even though it’s difficult to tell, if you just read between the lines and try to look for the signs of a credible review, all the noise will start making sense.
Look For Specificity: In an honest review, you’ll see how people have mentioned specific details like the timelines, the debts that have been settled and of course the names of the reps.
The Tone Is Balanced: Overly enthusiastic or overly negative reviews are always shady. If someone really had a good experience with a company, they’ll praise their performance but they’ll mention the drawbacks too.
Consistency In Dates: A sudden spike in reviews is again a little shady. You should check the consistency in the dates and see if the stream is growing over time. If yes, then you sure can trust the reviews.
Check The Profile Of The Reviewer: When using platforms like BBB or Trustpilot, you should check if the reviewer has a history of posting reviews on other platforms.
How To Spot An Authentic And Reliable Debt Settlement Company?
Checking online reviews first before hiring a settlement company is important but you shouldn’t just rely on this one factor. In fact, as you are about to make a very important financial decision, it’s best if you do your thorough research first. Here are some strategies that can come in handy to you;
Look For Specifics: When it comes to reading online reviews, you should always look for the specific details mentioned by the reviewer. If the review sounds too overly exaggerated, it probably is fake. An honest review would have all the details about the debt, how it was settled and how long it took etc.
Check Multiple Sources: You shouldn’t ever rely on a single site. There are multiple online platforms to check the credibility of a settlement company. Try Trustpilot, Google, BBB and Yelp for an easier judgement.
Confirm The Physical Location Of The Company: A reliable and known debt relief company will always have a physical office. Check the address first and try to visit it before finalizing anything.
Ask Questions: You don’t need to rush the process and it’s important that you ask questions first. Call or visit the company, ask about their fee, the risks and alternatives of the process and the timeline. The more you ask, the clearer it’ll become to you whether you should trust the company or not.
Read The Contract: A professional debt settlement company would always provide all the details of the deal in written form. They should provide you a written contract with all the specifics mentioned. You should read the contract thoroughly and ensure that you are comfortable with the deal before proceeding.
Questions To Ask Before Hiring A Debt Settlement Company
To protect your financial well being, you should act practically and ask as many questions as you can to judge the company. Here are a few important ones to add to your list;
- What are your fees?
- What is the expected timeline required for you to settle the debt?
- Can I cancel anytime?
- What happens if the creditor sues me?
- Are you a certified company?
- Do you have a license to operate?
- What are the chances that the debt will successfully be settled?
Final Thoughts-Should You Really Trust Online Reviews?
Yes, online reviews can really provide you some useful insights about the company but it shouldn’t be the only source of information that you rely on. In a nutshell, reviews aren’t ever a definitive proof of trustworthiness and you should do your due diligence to ensure that you are hiring the right people for the job. Reviews should only be used to identify the trends. The best combination is a critical analysis of the reviews, accreditation checks and direct communication with the company you want to hire. You should never work with a company that asks for any kind of upfront fee. As per the FTC, no debt settlement company is allowed to charge any fee before beginning the negotiations. You should only pay when the debt has been settled.
FAQs
Q1.Can Debt Settlement Reviews Be Fake?
Yes, not only debt settlement, in fact, any review online of any company can be fake. Companies pay people to post positive reviews about them online and the customers then end up getting trapped. If you see reviews with overly generic language, no specifics and repetitive phrases then it’s a sign that the review is fake and you shouldn’t trust it.
Q2. How To Differentiate Between A Negative Review And A Misunderstanding?
To differentiate between a mere misunderstanding and a negative review, you must view the specifics in detail. From what the client expected to what actually happened, check all of it. Sometimes, a review full of emotions can cause confusion especially if it doesn’t have any details included.
Q3.What To Do About A Company That Only Has Positive Reviews?
A company with no negative reviews and only positive ones is probably a scam. They might be filtering out the critical feedback or posting fake reviews only. A legitimate business will always have a mix of both positive and negative reviews so you must watch out for it and do your due diligence.
Looking for a reliable and trustworthy settlement company? Try Mountains Debt Relief! We provide professional settlement services with the best outcomes possible and a smooth and seamless journey like no other.