Posting Consumer Complaints About Credit Card Companies Increases Consumer Satisfaction With Bank

An interesting academic paper out which studies Consumer Financial Protection (CFPB) complaint reporting found the reporting assisted both consumers and the credit card companies. The investigation looked at the results of public reporting of complaints and found “Consumers procrastinate in reporting exposed banks while rewarding exposed banks for their improved behavior with new accounts.” Most … Read more

Word on the Street on the Future of Debt Relief

The following guest post was contributed by Angelo Anzalone of Active Debt Solutions. If you would like to contribute a guest post, click here. Success based debt Settlement, the Attorney Model, Non Profit CCC’s and DMP’s, Do it yourself kits, Debt Validation, Debt Elimination, Bankruptcy – the list of available options seems endless and although … Read more

NFCC and CCCS Should be Open and Transparent When It Comes to Performance

For far too long credit counseling groups have remained silent about how their service actually performs. Many routinely direct consumers to nonprofit credit counselors but how effective are they? The actual performance numbers have always been a closely guarded secret. That secret has been held, not out of modesty, but out of fear that when … Read more

Investigator Looking Into Credit Counseling Agency Hits a $$$ Wall With U.S. Department of Justice

A tipster (send in your tips here) that is apparently closely scrutinizing credit counseling agencies has forwarded to me a recently Freedom of Information Act request that the U.S. Department of Justice responded to. What I found interesting was the amount of money the DOJ wanted in order to respond to the FOIA request on … Read more

Cambridge Credit Counseling Calls for Better Transparency of Credit Counseling Performance

Cambridge Credit Counseling finally went public today with its public challenge to the debt relief world to be transparent about the effectiveness of the solutions it provides. I know they’ve been working on this for a while now. This marks the very first time I can think of when a credit counseling agency has embraced … Read more