Scammers are increasingly targeting service members and others by pretending to offer help with debt. According to the FTC, these fraudsters often call out of the blue using official-sounding
names and claiming connections to military-affiliated banks or credit bureaus. They may promise access to special “military debt forgiveness” or “veteran debt relief” programs — programs that don’t actually exist. The goal is to trick you into paying upfront fees or diverting payments away from your real lenders, which can damage your credit and even affect your security clearance.
The FTC stresses that it’s illegal for debt relief companies to charge fees before settling or reducing any debt. To stay protected, always contact your lender directly to discuss legitimate repayment options, and consult on-base personal financial managers, counselors, or VA resources. Before working with any organization, research it through your state attorney general and watch for red flags like pressure to pay immediately, requests for sensitive information, or promises that sound too good to be true. If you encounter a scam, report it at ReportFraud.ftc.gov.
MVSB is committed to supporting military families with secure, trustworthy financial guidance. Our team can help you understand common debt-relief scam tactics, review safe payment practices, and put protective measures in place to safeguard your accounts. Contact us anytime for personalized support as you navigate your financial options during and after service.
