40 States want the federal government to {} Debt Relief Companies

The attorneys general from Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Guam, Hawaii, Idaho, Illinois, Iowa, Kansas, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, North Dakota, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Vermont, Washington, West Virginia and Wyoming have all requested the Federal Trade Commission to {} the regulation of businesses that have been offering debt relief to individuals and families in the United States.

One of the things that the FTC is {} thinking about imposing on the debt {} businesses is to involve them in the Telemarketing Sales Rule.

One wrong {} from the Credit Solutions of America {} led to the actions being filed. The business has been wrongly claiming that it was able to decrease credit card debt by 50%. This {} Illinois Attorney General Lisa Madigan enough to sue the company and its CEO. In the lawsuit, Madigan states that Credit Solutions of America never go through with their side of the bargain and never actually talk with the creditors of their clients even though the customers stop paying their creditors directly and are actually making payments to Credit Solutions of America. However, because the creditors aren’t getting their money, they are suing the {} to get their {}; and winning.

Madigan has also said that her office has received over 12,000 complaints {} this {}.

Some of the rules that the FTC is {} imposing on the debt relief {} include:

- Prohibiting the {} from charging the consumer anything until services have been performed. This would also need more disclosure to patrons; including how long it will take to {} the debts and how much it will cost.

- Prohibiting the corporation from being able to misrepresent things such as fees, {} rates, and any other information that alludes to the impact of the debt relief services on the consumer’s credit report and credit history.

A number of debt relief companies really do what they say they are going to do, but other {} like this one listed in the court case above are {} and need to be regulated. The {} that do what they state they do shouldn’t have an issue with the new regulations that are imposed on them. Because the {} {} follow the rules, any new rules will just mean that it’s leveling the playing field for the good businesses.

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