The terms "credit repair companies," "debt relief companies," "credit consultants," or "financial intermediaries" are sometimes used in reference to debt settlement service merchants.

Types of services offered

Debt settlement service merchants can offer you any of the following services:

  • negotiating a debt settlement with your creditors;
  • receiving funds to be distributed to your creditors;
  • improving your credit file (drawn up by companies such as Equifax and TransUnion);
  • providing you with education or raising your awareness regarding budget management or debt settlement.

A creditor is, for example, a merchant or a financial institution to which you owe money.


Last update : February 1, 2019

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The information contained on this page is presented in simple terms to make it easier to understand. It does not replace the texts of the laws and regulations.