Debt Settlement Consumers Beware of Fraudulent Claims

Debt Settlement Consumers Beware of Fraudulent Claims

The following statements are red flags that indicate fraudulent practices and dishonesty on the part of debt settlement companies. If a debt settlement makes any of the following claims, don’t do business with them. In fact, if you hear any of these statements from a company that claims to settle debts, you should report it to the Federal Trade Commission or FTC. Here are some examples of the fraudulent claims we have read:

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Does Your Debt Settlement Company Treat You Like You’re Just a Number?

Does Your Debt Settlement Company Treat You Like You’re Just a Number?

The debt settlement industry has changed dramatically in the last few years. In 2007 there were more than 2000 debt settlement companies; now there are fewer than 200. Before December of 2010, bad debt settlement companies took money up-front and then never settled their client’s debt. In December 2010, the FTC amended the Telemarketing Sales Rule to protect consumers from these debt-relief scams.

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