Multiple sources have now come forward to share with me information that shows the BBB has written an extensive guide on regrading BBB debt settlement company members.
The bottom line is that the BBB recognizes the importance of the FTC Telemarketing Sales Rule implementation and is using that as the basis of the regrading.
The good news is this will deflate all those companies with poor grades that have been trying to persuade consumers that a BBB rating doesn’t matter because of some setup Hamas BBB grade out in LA. Sure, I’ve had my issues with the BBB and they are not perfect. But consumers need them because if not them then who?
Anyway, the debt settlement regrade is going to hinge of full FTC compliance. The BBB is going to ask for a large amount of information in order to confirm compliance and will monitor companies moving forward.
Debt settlement companies that make time or money savings claims will need to support those claims and provide substantiation.
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