Dom debt relief12/8/2023 ![]() FTC Sends More than $3.3 Million to Consumers Harmed by Student Loan Debt Relief Scam ( June 14, 2023.FTC and Federal and State Partners to Announce Nationwide Robocall and Telemarketing Enforcement Sweep in Chicago on July 18 ( July 17, 2023.FTC, Law Enforcers Nationwide Announce Enforcement Sweep to Stem the Tide of Illegal Telemarketing Calls to U.S.FTC Stops Scammers Charged with Preying on Students Seeking Debt Relief ( August 21, 2023.FTC and DOJ Send More Than $9 Million in Refunds to People Who Lost Money to a Student Loan Debt Relief Scheme ( August 22, 2023.Student Loan Debt Relief Scammers Permanently Banned from Industry, Ordered to Turn Over Assets under Proposed Order ( October 6, 2023.It also prohibits debt relief providers from making misrepresentations and requires that they disclose key information that consumers need in evaluating these services. The Rule prohibits for-profit companies that sell these services over the telephone from charging a fee before they actually settle or reduce a consumer's debt. Further, in 2010, the FTC amended its Telemarketing Sales Rule to protect consumers seeking debt relief services, like debt settlement or credit counseling. The FTC has brought scores of law enforcement actions against these bogus credit-related services, and the agency has partnered with the states to bring hundreds of additional lawsuits. These operations lure consumers to purchase their services by falsely claiming that they will remove negative information from consumers' credit reports even if that information is accurate. The FTC also works to make sure consumers get a fair deal in the auto marketplace.Ĭredit repair scams also frequently target financially distressed consumers who are having credit problems. Some debt relief scams even tout their services using automated "robocalls" to consumers on the Do-Not-Call List.Īuto loan modification scams falsely promise that they can reduce consumers' monthly car loan or lease payments to help them avoid repossession. These operations often charge cash-strapped consumers a large up-front fee, but then fail to help them settle or lower their debts – if they provide any service at all. About the FTC Show/hide About the FTC menu itemsĭebt Relief Service and Credit Repair Scamsĭebt relief service scams target consumers with significant credit card debt by falsely promising to negotiate with their creditors to settle or otherwise reduce consumers' repayment obligations.News and Events Show/hide News and Events menu items.Advice and Guidance Show/hide Advice and Guidance menu items.Competition and Consumer Protection Guidance Documents.Enforcement Show/hide Enforcement menu items.
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