Frequently Asked Questions.
Here are some common questions we get asked about our process.
Do I have to pay? And if so how much?
You won’t pay interest. You won’t pay inflated rates. You won’t pay some crazy settlement offer of thousands of dollars. You won’t pay for anything, except OUR costs incurred to purchase your account. And that tends to be next to VERY minimal!
How is the cost determined?
Cost is based on how much we paid for your debt, plus our processing fee. How this works: We buy tens of thousands of accounts in a huge portfolio of debts like yours for pennies on the dollar from the same collectors that have been harassing you for years. We may have paid $5, or so, for your account which is exactly what you will pay us, plus a minimal processing fee to cover our expenses. These include contacting you, processing your payment, paying associated fees, contacting the credit bureaus on your behalf, sending you follow-up emails with proof of settlement, tips, etc. For all this, we charge a $25 processing fee. In this example, your total cost to rid this debt that has been hounding you for years… $30! Pretty sweet, huh?
Do you have my debt?
Did we reach out to you? If we contacted you, then… YES, WE DO! If you have gotten here via one of our advertisements or after simply hearing about us, then chances are we do not have any of your accounts. Possibly we haven’t gotten to them yet; so sit tight, and cross your fingers that you hear from us.
What if I decide not to participate in your program?
We are offering a golden opportunity that on occasion people, for whatever reason, may opt out. That is completely fine. You are not obligated to have your debt forgiven with us. Though this is completely acceptable, you would only be doing yourself a disservice. If you opt out, we will have to recoup the expense of purchasing your account by reselling it back into the cesspool of collection agencies who will soon be calling you for the full amount of your debt.
How long before my credit score improves?
As soon as your debt has been forgiven, the process will go into motion. Upon receiving your payment, an agent at Debt Forgiving will reach out to the three major credit bureaus on your behalf, informing them of your payment. We will report the debt as cleared within 24 hours of receiving your payment. The amount of time the bureaus require to reflect the resolution on your score is beyond our control. Typically, after we’ve submitted our report clearing the debt, a request for deletion can be completed within two days!
How much will my credit score improve?
This can depend on a few factors: the size of the debt, the age of the debt, the number of times it has been reported by different agencies, etc. Your score can improve within days— typically from 20 points to more than 100!
I heard that settling debt can be bad for credit scores.
This is true. Paying a settlement can in some cases be as bad as filing bankruptcy. In addition, a settlement can remain on your report for almost as long. But, don’t worry. We will NOT list your payment as a “settlement”. We’ve worked out a method for your report to state, “PAID AS AGREED”, which clears you and leaves you looking golden!
Which forms of payment do you accept?
We accept Visa, MasterCard, American Express, Discover, debit and credit cards, as well as checks by phone.
Debt Forgiving is a Benefit Corporation; what is a Benefit Corporation?
We are honored to be one of the very few registered Benefit Corporations in the State of Illinois. This is a new type of corporate entity recently created by the IRS that allows a company not to be governed by the strict guidelines of a non-profit, yet still operate a business focused on helping and “benefiting” the community at its core. That is exactly who Debt Forgiving, Inc. is and why it was granted Benefit Corporation status without hesitation. Debt Forgiving will be required to undergo an independent audit of its business to ensure it remains true to this core requirement to maintain our Benefit Corporation status.
Still need help?  Send us a note!
For any other questions, please write us at info@debtforgiving.com or call us at 800.785.3157
022032051 041
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