Student Loan Debt Relief and Credit Counselors in 2015 and Beyond

Legitimate Debt relief services are often boiled down to 3 categories, which include nonprofit credit counseling agencies, debt negotiators, and bankruptcy attorneys. I want to focus on the role of today’s credit counselors, and how they can fill a larger pair of shoes this year and beyond, with a keen focus on student debt. Student … Read more

Money Management International Accused in Kick-Backs in Class Action Settlement

Now here is something you don’t get to witness often, if at all. Apparently there is a bit of disturbed blood milling about in the credit counseling world right now. In just doing some routine checking on activity I came across a very, very odd letter from the Association of Independent Consumer Credit Counseling Agencies … Read more

USA.gov Recommends Only NFCC for Credit Counseling in Email. Why?

Today I got an email from USA.gov that struck me. The email made it seem as if credit counseling could help rebuild credit. That a no-no for credit counseling to avoid or run afoul of the CRedit Repair Organizations Act. I’ve covered that here. The email USA.gov sent out linked only to National Foundation for … Read more

The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, Bankruptcy, and Debt Consolidation Loans

This is a story that I’ve been working on for a few weeks. I’ve been asking people and groups for feedback and information to write this but what I’ve run into, is a wall. I have received some feedback from groups and people that don’t wish to be publicly identified to protect themselves but what … Read more

Credit Counseling Against Registration of Debt Relief Providers? Huh?

In what is another of the ultimate ironies of nonprofit charitable credit counseling, it appears that at least two trade associations feel nonprofit credit counselors should not have to participate in any national registration of debt relief companies with the Consumer Financial Protection Bureau. I must admit, the position against CFPB registration stumps me and … Read more

American Consumer Credit Counseling Makes Some Interesting Marketing Claims

A reader and tipster (send in your tips here) sent in some concern about the American Consumer Credit Counseling website that they wanted us to see. In light of the Federal Trade Commission Telemarketing Sales Rules that prohibit a number of misleading advertising practices, it is surprising that American Consumer Credit Counseling is making the … Read more

AICCCA Credit Counseling Conference to be Held at the Four Seasons Hotel

The Association of Independent Consumer Credit Counseling Agencies (AICCCA) has their annual conference coming up in Washington, DC if anyone wants to attend. It’s July 20-22 at the flippin’ Four Seasons Hotel in D.C. Seriously, charitable dollars are being spent to hold a non-profit meeting at the luxury Four Seasons Hotel? And on top of … Read more

The Importance of Data Transparency When Working With Credit Counseling and Debt Settlement Regulators and Lawmakers

Recently Christoper Viale, the president and CEO of Cambridge Credit Counseling, and I had a chance to talk about a number of issues that are important in the debt relief world today. You can read the full transcript of our conversation below. Some of the highlights are: Coming forward with actual credit counseling performance data … Read more

CareOne Sends Notice to NFCC That They Should Comply With FTC Rules

Here is a copy of the letter that CareOne sent to the National Foundation for Credit Counseling yesterday asking them to comply with the new FTC telemarketing sales rules. Apparently both ACCPros and AICCCA received the same letter. August 31, 2010 Susan C. Keating President and CEO National Foundation for Credit Counseling 801 Roeder Road, … Read more

CRL Says TASC and USOBA Harm Ordinary Families at the Hands of Debt Settlement Companies

Here is another letter sent to the FTC in support of banning advance fees for debt settlement programs. It is notable for it’s strong statements and its well documented footnotes. Comments of Michael Calhoun, President, of the Center for Responsible Lending to the Federal Trade Commission Notice of Proposed Rule-Making: Telemarketing Sales Rule Debt Relief … Read more

Debt Settlement Industry in Denial At Their Own Peril. Ass Whopping Next Week.

Just one day after the Senate hearing on the debt settlement industry, many inside the industry think the hearings went okay or feel they were a bit one sided but they can recover from that. People, it’s time to wake up and smell the coffee. New Legislation Will Make Debt Settlement Companies Vomit A Washington … Read more

Disturbing and Potentially Deceptive Move by Credit Card Industry. HelpWithMyCredit.org

It what certainly feels like yet another self-serving action by the credit card industry, Bank of America, Capital One, Citi and Discover Card, as well as the payments networks MasterCard and Visa have launched a new website HelpWithMyCredit.org that misleads consumers. What appears to be even worse, is that a CNN personal financial reporter that … Read more