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CFPB Discloses Why People Complain About Debt Settlement and Credit Repair

Written by Steve Rhode

The CFPB took a look at complaints it has received and shared why most consumers seem to complain about debt settlement and credit repair services. The Consumer Financial Protection Bureau said:

Excessive fees for debt settlement and credit repair services: Of all complaints marked as other financial service, 60 percent of them were about problems consumers had when dealing with debt settlement and credit repair companies. These complaints often had to do with consumers being charged upfront fees when using these services. Charging upfront fees for these services is generally prohibited by existing law.” – Source

I remain just stunned the companies who receive complaints from consumers, just don’t refund the consumer rather than letting it escalate.

Sincerly,
Steve

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About the author

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.

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