Latest Posts
Home > Debt Relief Industry > Credit Answers Settles With Colorado

Credit Answers Settles With Colorado

With receipt of $225,000, the state has resolved a case in which 615 Coloradans were financially harmed by a Texas-based debt-settlement company that was operating illegally in Colorado. The Consumer Protection Section of the Attorney General’s Office has entered a stipulation and final agency order with the now defunct CreditAnswers and its Chief Executive Officer William Loughborough (D.O.B. 11/02/62).

“When the legislature decided to regulate the debt-settlement industry beginning in 2008, it was trying to address some of the worst abuses in the industry, including lack of clear disclosures and exorbitant fees,” explained Attorney General John Suthers. “This settlement with CreditAnswers continues our efforts to hold accountable violators of that law,” Suthers said.

In February 2012, the Attorney General’s Office accused CreditAnswers of providing debt-management services without complying with the state’s consumer protection and debt-settlement laws. Under the final agency order, CreditAnswers and Loughborough agreed to be permanently enjoined from providing debt-management services to Colorado residents. In addition, CreditAnswers agreed to pay the state $225,000 for consumer restitution, reimbursement of costs and attorneys’ fees, and for educational purposes.

From April 2009 through July 2011, CreditAnswers was a Colorado-registered debt-settlement services provider. Its business practices, however, violated various provisions of the Colorado Uniform Debt-Management Services Act by failing to provide required consumer disclosures and cancellation notices, in addition to other violations.

The Colorado Attorney General’s Office registers and regulates debt-management companies, including debt- settlement and credit counseling companies. A list of registered companies is available online. Consumers with complaints against a debt-management company are encouraged to file complaints with the Consumer Credit Group. – Source

Credit Answers Settles With Colorado
Get Out of Debt Guy – Twitter, G+, Facebook

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Credit Answers Settles With Colorado by

Share This and Spread the Word

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.


I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.

  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.