Who calls from (888) 771-7201? Reported 10 times

About (888) 771-7201

You answer the phone and a friendly voice on the other end claims to be from a company that can help you reduce your debt. They say something like, 'We've been reviewing your credit history and we believe you qualify for a special program that can help you pay off your credit cards and other debts for a fraction of what you owe.' They sound knowledgeable and confident, and you might even feel a surge of hope that you've finally found a way to get back on top of your finances.

But here's the thing: this is not a legitimate company, and the person on the phone is not trying to help you. They're trying to scam you. They'll tell you that in order to qualify for this amazing program, you need to pay an upfront fee, which can range from a few hundred to several thousand dollars. They might even offer to take the payment over the phone, using a credit card or a wire transfer.

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The pressure tactic is to create a sense of urgency, making you feel like you need to act now or miss out on this incredible opportunity. They might say something like, 'We're only offering this program to a limited number of people, and if you don't sign up now, you'll lose your chance.' Or, 'If you don't pay the fee today, we'll have to close your file and you'll never be able to take advantage of this offer again.' They're trying to make you feel like you're running out of time, and that you need to make a decision quickly.

But the ask is where the scam really becomes clear. They'll ask you to pay the fee using a method that's difficult to track, such as a wire transfer or a prepaid debit card. They might even tell you to purchase a gift card and give them the card number and PIN. This is a huge red flag, because legitimate companies will never ask you to pay using these methods.

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So what's the way out? If you're struggling with debt, there are legitimate resources available to help. You can start by contacting a non-profit credit counseling agency, such as the National Foundation for Credit Counseling, which can provide you with free or low-cost advice and help you develop a plan to pay off your debts. You can also talk to your creditors directly, to see if they can offer any assistance or temporary hardship programs.

Take Control of Your Finances

Remember, reducing debt takes time and effort, but it's worth it in the long run. Don't fall for the promise of a quick fix, and never pay an upfront fee for debt relief. Instead, take control of your finances by creating a budget, prioritizing your debts, and making regular payments. You can also consider working with a financial advisor or credit counselor to get personalized advice and guidance.

• Make a list of all your debts, including the balance, interest rate, and minimum payment
• Prioritize your debts, focusing on the ones with the highest interest rates or the smallest balances
• Consider consolidating your debts into a single loan with a lower interest rate
• Make regular payments, and try to pay more than the minimum each month

The next time your phone rings with a call like this, hang up and report the number to the Federal Trade Commission, and then take a deep breath and remember that you're in control of your finances, and you don't need to fall for a scam to get back on track.