Article and information specifically geared to readers inside the debt relief industry.
The CFPB has issued an opinion to make it clear using information from credit reports to market debt relief services is off-limits. A. Background Consumer reporting agencies collect and assemble or evaluate information about, among other things, the credit, criminal, employment, and rental histories of hundreds of millions of Americans. They package this information into …
The Federal Trade Commission sued Financial Education Services and others for selling credit repair and an alleged pyramid scheme business opportunity. Watching the court record, Financial Education Services is pushing back hard. However, the FTC just filed a document that makes a compelling argument why the credit repair company should have some concerns. You can …
I get many emails from people inside companies that have information to share. Few of them make the website, but I thought maybe I should start sharing them but that the company names out. So here is a new one. Insider Says I just came across this while doing some research and saw another guest …
Today, the Consumer Financial Protection Bureau (CFPB) finalized an enforcement action against debt-relief payment-processors RAM Payment and Account Management Systems (AMS), as well as AMS’s co-founders, Gregory Winters and Stephen Chaya, for collecting debt-relief fees from consumers, lying to consumers about when the fees would be paid to debt-relief companies, and sending illegal advance fees …
I received a tip from a reader that said “Sean Robert[s] as CEO doing mortgage loans again FYI.” They said the company was: Premier Financial Marketing LLC Entity: Limited Liability Company (LLC) Industry: Mortgage and Nonmortgage Loan Brokers Location: Irvine, CA Premier Financial Marketing LLC 18500 Von Karman Ave Ste 350 Irvine, CA 92612 Business …
Almost half of seniors have incomes within 200% of the poverty line. They are classified as economically vulnerable and retire owing more debt than ever before. It is natural then that seniors with financial problems would search for someone to help them. Before the internet, communities had a local Consumer Credit Counseling Agency that would …
An email from Denise Dunckel, the CEO of the American Fair Credit Council (AFCC), has ruffled some feathers in the debt settlement industry. AFCC is a trade association for debt settlement providers and associated companies. They have been around for a number of years now. The concern by some is that the announcement of increased …
Yesterday I wrote about the misfortunes of Daniel Rufty, a new North Carolina attorney that learned some very hard lessons about being a local representative for a debt settlement company. You can read that post here. Rufty sued Jason Blust, Law Offices of Jason Blust, Lit Def Strategies, and Relialit after his disciplinary debacle. The …
I just discovered the misfortunes of Daniel S. Rufty, an attorney in North Carolina that was brought before the North Carolina State Bar for his debt relief business. Rufty was a brand new attorney hired to represent an out-of-state group of lawyers for their debt settlement business. Things did not end well for Rufty but …
Financial companies will face consequences for illegally manipulating or suppressing consumer reviews. Today, the Consumer Financial Protection Bureau (CFPB) issued policy guidance regarding potentially illegal practices related to consumer reviews. The CFPB seeks to ensure that customers can write reviews, particularly ones posted online, about financial products and services that accurately reflect their opinions and …