Credit Guide

Card Consolidation Credit Debt by Armando Duke

This represents the average time taken by customers of the company (Trade Debtors) in settling their invoices for goods and services supplied on credit.

Credit Union The FTC has settled charges against three debt-counseling companies in a debtor scheme that bilked consumers with poor credit out of more than $100 million.If you would like to receive late breaking business news covered by AXcess News then you need to subscribe. Membership is free.

One case that illustrated the techniques and reach of credit repair was that of National Credit Repair. On August 11, 2003, the FTC announced that National Credit Repair, one of the country' repair operations, agreed to pay more than $1.15 million in consumer redress to settle charges that it violated the federal credit repair law. based defendants falsely claimed that they could remove derogatory information from consumers' credit reports, even if that information was accurate and not obsolete.

Merchant Credit Guide Co Print This Page

FTC v. Clifton W. Cross, et al.: U.S. Dist. Ct. Western Dist. of Texas (Midland); No. 018 ¹⁷⁹ FTC News Release, June 21, 2001; ww.ftc. cross.htm ¹⁸⁰ News Release (No. 020), Debra W. Yang, U.S. Attorney for Central Dist. of California, www.usdoj. 020.html The FTC brought a civil case against Murkey in 1998 for misleading consumers in connection with credit repair. In November 1999, a federal court in Los Angeles found that Murkey systematically violated the credit repair law and banned him from the business. The 2004 indictment charged that immediately following the court's order, Murkey continued to offer credit repair services through businesses such as "Credit Restoration Corporation of America, Inc." In 2001, the L.A. court held Murkey in civil contempt, but he again returned to credit repair, the indictment charged.

Apply Online For Credit Card March 30, 2005 (AXcess News) Washington - The FTC has settled charges against three debt-counseling companies in a debtor scheme that bilked consumers with poor credit out of more than $100 million. A scam the FTC said was becoming increasingly common.

| The Rest of the Story... Of course, while it is legal to use a credit repair company, scams will always exist in all businesses. It pays to do your homework before you enroll with a credit repair company. Questions such as clients served, time in business, BBB standing, and checking their policies against the FTC guidelines and relevant governing law like the FCRA and CROA, should be answered easily and immediately by a quality, legitimate credit repair business.

By Card Credit Debt Debt Guide The Federal Trade Commission said the debt-counseling companies promised consumer they would help with their debt, but instead made problems even worse. While consumers paid the three debt-counseling companies thousands of dollars to keep debtors satisfied, instead they saw their interest rates and late fees increase as the three companies, National Consumer Council, Debt Management Foundation Services Inc. and Better Budget Financial Services Inc. did little to actually help them, the FTC said.

We compare cards from all credit card companies in the UK. There are three different types of credit card companies.

Credit Repair When some consumers were told to stop paying their bills by the three companies some had to declare bankruptcy as the debt-counseling businesses did not negotiate their debts on their behalf as promised.

Active Credit Credit Guide Lydia Parnes, head of the FTC's consumer protection division, commented on the settlements with the three debt-counseling companies saying that all three companies lied about who they were, what they charged and what they could do for consumers laden with debt.Parnes said that the terms of the settlement called for the three companies to give back $25 million each to the consumers they had bilked and that two of them are in the process of being shut down.

Credit Score The FTC case brings to light the issues related to credit counseling as Congress has before it a new bill that would require consumers to seek credit counseling before filing for bankruptcy.

Bad Car Credit Guide Loan "While many credit counseling businesses are legitimate, credit counseling schemes like those perpetrated by these three companies are becoming more common, Parnes said.

Bad Credit Loan Two of the credit counseling businesses used loopholes in the law to use telemarketing schemes to bilk consumers.

Credit Definition Derivative National Consumer Council, a nonprofit California company, solicited thousands of consumers over the telephone, promising consumer credit counseling only to refer them to other companies that charged thousands of dollars in fees but rarely helped consumers.National Consumer Council has paid $24 million of the $84 million it swindled out of the hands of consumers and its three officers have paid back $3.9 million. National is in the process of being shut down.Debt Management Foundation Services of Florida used telemarketing, charging consumers as much as $1,000 in fees. The FTC said the company is in the process of being liquidated and the owners were required to pay back $250,000 and give up their ownership in the company.Better Budget Financial Services of Massachusetts was the debt counseling business that told consumers to stop paying their bills. The company has agreed to pay back $1.3 million to consumers and its owners must post a $2 million bond before operating the business again.A fourth credit-counseling business that operated out of Maryland, AmeriDebt, Inc. was ordered to shut down entirely.

Bad Credit Mortgage The FTC said consumers should avoid credit counseling businesses that require high monthly fees and guarantee that they can get rid of debts. Consumers are encouraged to visit the Federal Communications Commission website for more information on credit counseling at www.ftc.gov.AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking business news. If you're not a member, consider joining now.

[ Comment, Edit or Article Submission ]