American Financial Solutions

Credit Counseling Agencies Challenge FTC to Take Agressive Action Against Debt Settlement Companies for Violating Telemarketing Sales Rules

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Quick Answer: Credit counseling agencies sent a December 2010 letter urging the FTC to aggressively enforce Telemarketing Sales Rule amendments against debt settlement companies evading new consumer protections. Many debt settlement companies ignored the revised TSR rules despite recent FTC enforcement actions announced on December 6th.The following letter was sent to the Federal Trade Commission:December …

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Credit Counseling Pay-for-Performance: Is It Legit?

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Quick Answer: A lawsuit alleges that credit counseling companies like Money Management International secretly work as collection agents for creditors like JP Morgan Chase rather than helping consumers. The complaint claims these “non-profit” organizations mislead distressed borrowers while actually facilitating collections for the creditors they owe.This comes straight from a tipster (send in your tips …

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American Financial Solutions: What Happened?

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Quick Answer: American Financial Solutions remains operational and was not cancelled, according to their Director of Operations who clarified the customer likely misunderstood a creditor-specific letter. The company requested the customer contact them directly to resolve the confusion about the “Credit Info Change” termination notice received after just two days.“Dear Steve,I recently joined a DMP …

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