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Debt Relief Industry

Credit Relief Act. Are You Eligible? Appears Intended to Deceive Innocent Consumers.

Credit Relief Act Web Site

I discovered an advertisement for a site called Credit Relief Act (creditreliefact.com) that appears, in my opinion, designed to intentionally confuse and mislead consumers into thinking there is a government program to reduce debt. The advertisement I saw said: Obama Credit Bailout Plan See if You Qualify for the Obama Credit Reform Bailout Plan See Now. The site does mention ... Read More »

    Non-Profit Debt Settlement – Financial Hope for America. Who Are They Really?

    Financial Hope for America Site

    Last night I saw an ad for a non-profit group promoting debt settlement. It was a company I had not heard of before called Financial Hope for America. It piqued my interest to see a non-profit group wandering so boldly into the debt settlement arena, especially when the domain name I saw advertised was non-profitdebtsettlement.net. Rather than just give you ... Read More »

      What Debt Settlement Trade Associations Have in Common With the Payday Loan Industry – Denial.

      Ready to Collapse

      I was reading an article on the payday lending efforts to stop legislation that would regulate their industry and I thought the comments made about the payday lobbying efforts had a direct correlation that what has been happening in the debt settlement world, especially with the belief that regulation is dead since the Debt Settlement Consumer Protection Act was not ... Read More »

        Text of HR 5387 Version of Debt Settlement Consumer Protection Act of 2010

        Ready to Collapse

        Here is the text of HR 5387 that was proposed in the House of Representatives. HR 5387 IH 111th CONGRESS 2d Session H. R. 5387 To amend the Consumer Credit Protection Act to provide for regulation of debt settlement services, and for other purposes. IN THE HOUSE OF REPRESENTATIVES May 25, 2010 Mr. GUTIERREZ (for himself, Ms. MOORE of Wisconsin, ... Read More »

          It’s Confirmed. FBI Looking Into Debt Settlement Companies

          Ready to Collapse

          I just got off the phone with Special Agent Dupre from the FBI who confirmed that as part of their economic crimes push the FBI is looking for cases involving consumers that have been defrauded by debt settlement companies and other economic crimes. Special Agent Dupre told me they are looking for “violations that rise to the level of opening ... Read More »

            Oregon Creates Web Page to Turn in Illegal Debt Settlement, Debt Management and Credit Repair Companies

            Ready to Collapse

            The State of Oregon now has a dedicated page on their site for consumers to report ads for debt relief companies. Apparently Oregon is also targeting debt relief companies that advertise on the web as well as television. radio and mail. The page says: HELP STOP ILLEGAL DEBT MANAGEMENT COMPANIES IN OREGON Have you heard or seen ads for companies ... Read More »

              HR 5387 Introduced to Regulate Debt Settlement Services

              Ready to Collapse

              I don’t have the text of the bill yet but HR 5387 was referred to the House Committee on Financial Services on May 25, 2010. The bill amends the Consumer Credit Protection Act to provide for regulation of debt settlement services. The sponsor of the bill is Rep. Luis Guiterrez, IV of IL and cosponsors are Rep. Keith Ellison of ... Read More »

                Balboa Law Group, MBM Group, Loan Modification Group Appear to be Taking Money But Not Delivering Loan Modifications

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                It sure seems like Orange County in California is a hub in loan modification scams. Here are some excerpt from a story “Home loan modifiers scam families out of $3,000 each” that is worth reading. When the economy and real estate market went south, many families went to home loan modification companies to save their homes. But, more than a ... Read More »

                  Debt Settlement USA Nailed on MSNBC With Debt Settlement Victim

                  Debt Settlement USA was nailed today on MSNBC as an alleged scam. Three years ago, Kopycinski was told by several advisers that he should file for bankruptcy. His finances were a wreck. He held $35,000 in credit card debt and was on the hook for a car loan that he’d co-signed for a family member. On his salary as Catholic ... Read More »

                    NFCC Scores Amazing PR Coup. Jean Chatzky Joins Board

                    Ready to Collapse

                    Jean Chatzky has a huge voice in the media world as a respected adviser for consumer finance issues. Seeing how she was just named to the board of the National Foundation for Credit Counseling I bet it only amplifies the press voice that non-profit credit counseling will be the solution of choice. Oh yes, and then there is the appointment ... Read More »

                      USOBA Testifies in TX There Are “Bad Actor” Debt Settlement Companies That Need to Go Out of Business

                      The State of Texas recently held hearings on proposed debt settlement regulation. I wrote about them indirectly here. The hearing was hours and hours long but what you are about to hear are the last two people offering testimony. The first is Jeff Meek who previously wrote that USOBA members were told to not work work creditors to provide success ... Read More »

                        Clearview Credit, Debt Settlement Company, Sued by Credit Union

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                        “The $625 million Clearview Federal Credit Union has filed a lawsuit against Clearview Credit, a Florida debt settlement company claiming misrepresentation to the cooperative’s members. Filed May 20, 2010, the federal trademark suit is seeking a cease and desist including stopping the distribution of materials with the Clearview Credit name. The CU first learned of the Tampa, Fla.-based company after ... Read More »

                          Debt Settlement Company President Speaks Out in Favor of Regulation of the Debt Settlement Industry. Says Big Upfront Fees Must Go.

                          I had a refreshing and frank conversation with U.S. Debt Resolve President Scott Johnson the other day. We talked about pending regulation of debt settlement companies, deceptive marketing, debt settlement companies which are not consumer focused and what the future looks like for the debt settlement industry. Scott talks openly about how regulation of the debt settlement industry is needed ... Read More »

                            FBI Investigating Debt Settlement Companies

                            FBI

                            I’m trying to get more information about the FBI task force that is investigating aggressive debt settlement companies in California and Florida and I’ve requested an interview with the FBI on this issue. All I know for now is that the FBI does have active investigations of some debt settlement companies and is looking into the economic crimes of those ... Read More »

                              Esteemed Lending Services. Nothing But a Well Documented Scam.

                              Esteemed Lending Services

                              The lending site below is a sham. It makes unsubstantiated false promises in an effort to convince you to cough up both personal information and money. Beware. The web site is actually the creation of the FTC. In an effort to help consumers spot scam and fraudulent upfront loan fee offers and bogus debt reduction presentations, the Federal Trade Commission ... Read More »

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