Reduce Your Credit Interest Rate Scam

Reduce Your Credit Interest Rate Scam


Retiring has opened my eyes to just how many scams are floating out in the world. When I worked I was out of the house most of the day but now I am home and I have received so many scam calls it is ridiculous. Many use scare tactics when they call you and frequently they are robocalls, (prerecorded or computer generated calls). Here is another one:

Recording, “We have been trying to reach you concerning your credit card. This is your final call. You must contact us immediately in order to protect your credit card rates.” Out of curiosity I called.


Agent, “May I help you?”

Me, “I just received a call concerning my credit card.”

Agent, “What is your name and your credit card number.”

Me, “What company is this? Which credit card company am I speaking to?”

Agent, “We don’t actually represent a credit card. We are an independent company that helps customers to reduce their credit card interest rates.”

Me, “So you have no connection with any credit card company.”

Agent, “We have a close relationship with them and try to negotiate reduced rates for customers.”


I hung up.

According to the FTC (see webpage listed below) these companies don’t do anything you can’t do for yourself. What they do is charge a fee for their services. The FTC investigators found that people who paid for these services did not get the promised reductions in interest rates. Also, the companies promise you will pay off your cards 3 to 5 times faster but this was also found to be false. Customers struggled to get refunds of the fees.


The FTC warns that scammers will ask for personal and financial information which they then use to make charges against your credit and they will frequently sell the information to other scammers.


It all comes back to protecting yourself. Be very careful if you receive an unsolicited phone call especially a prerecorded robocall. Don’t give out personal or financial information. You are your own best protection but you have to be informed and vigilant.



Federal Trade Commission

Scam Detector



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