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Tallahassee, Fla:
Continuing the message of National Consumer Protection Week, Attorney General Bill McCollum today issued a consumer advisory warning Floridians about scams related to credit and debt issues.
Companies offering credit repair solutions or debt settlement were among the top concerns reported to the Attorney General’s Office last year. The Attorney General noted that, given the current economic climate, disreputable companies will likely continue to prey on consumer’s credit and debt concerns.
“Consumers who are seeking legitimate assistance are being deceived and often required to pay substantial up-front fees that put them even further in debt,” said Attorney General McCollum. “My office is working hard to deter these companies from engaging in deceptive business.”
Credit repair schemes usually involve claims to improve credit scores or eliminate bad credit and are sometimes part of other operations claiming to negotiate or erase debt. Consumers need to be cautious of firms offering credit relief, including debt management, credit counseling and credit card rate reduction services.
Debt settlement scammers promise they can pay off consumers’ debts for a fraction of the amount owed, but instead collected large up-front fees and leave customers with little or no money to pay creditors. Consumers should avoid companies that make outrageous promises and collect up-front fees before providing services.
Debt collectors are another area of concern for consumers who are struggling with credit and debt issues. These companies often harass or even threaten consumers in an effort to collect money owed. Debt collectors are legally prohibited from misleading consumers or threatening them to collect payments. They are also prohibited from calling after 9:00 p.m. and may not contact consumers at work if they know the consumers’
employers disapprove.
The Attorney General has been working closely with the Florida Senate to address several of these issues, and Senate Bill 1702, a proposal by the Senate Banking and Insurance Committee, is scheduled for hearing next week. The legislation includes the Attorney General’s suggested language for expanding the Office of the Attorney General’s authority to pursue debt collectors. Specifically, the bill will make certain debt collector practices a violation of the Florida Deceptive and Unfair Trade Practices Act (F.S. Ch. 501 Part II), providing a clear basis for pursuing civil litigation. This new tool would give the Attorney General enforcement authority over all entities covered under the act and provide for stricter penalties and broader relief for consumers. The bill also includes provisions for addressing credit relief and debt settlement scams.
The Attorney General offered the following tips to avoid being scammed:
- Avoid organizations that charge up-front fees for information.
- Get a specific price quote in writing. If an organization won’t help you because you can’t afford to pay, look elsewhere for help.
- Don’t sign any contracts without reading them carefully first. Make sure all verbal promises are in writing.
- Try to use an organization whose counselors are certified and trained by a non-affiliated party. Ask for the certification information.
- Obtain assurance that your personal information (including address, phone number and financial information) will be kept confidential and secure.
More information is available online at: http://myfloridalegal.com/pages.nsf/Main/8C5B6B26667BE41485256EC2004D3252!Open
NOTICE TO ALL CONSUMERS: A “Credit Repair Agency” is a S E R V I C E. A true credit repair service will tell you upfront that NO ONE can make any promises regarding anyone’s credit. When it comes to fixing your bad credit—you have 3 OPTIONS: DIY, PROFESSIONAL SERVICE, or WAIT 7 - 10+ years and HOPE the negative information falls off on its own!
1.) Do It Yourself (http://www.creditrepairmagic.com/?hop=credit7609)—you do all the work alone at your own pace, and you decide what you can guarantee.
2.) Professional Service (http://www.MyCreditEdit.com)—you pay someone for their time, experience, resources and knowledge. You may also pay them to properly prepare the necessary documents to communicate with your creditors, collection agencies and/or credit bureaus, etc. The KEY here is to hire a company with experience and persistence! Why? Because the credit bureaus will put up EVERY ROAD-BLOCK to DISCOURAGE & INTIMIDATE consumers (who have the legal right) who wish to VERIFY & VALIDATE their credit reports for FAIRNESS, COMPLETENESS, ACCURACY & VERIFIABILITY. Remember that credit report disputes/challenges COST THE BUREUAS TIME and MONEY! Consumers become a thorn in their side.
3.) Wait—in accordance with the FCRA
Sincere regards!
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One more tip to add to the list from the Attorney General above is to ask for references that can verify the business practices and success rate of the debt settlement company.
It’s unfortunate that debt settlements are maligned—it’s an effective debt relief strategy when employed properly by an ethical business.