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FTC Verifies Credit Counseling AbusesCredit counseling does provide consumers with a much needed debt relief service. But, some credit counseling agencies are not up front with the fees that they charge and the types of services they plan to perform. In an FTC testimony before the Senate Committee on Government Affairs, the FTC commissioner Thomas Leary, stated that some credit counseling agencies are using their non-profit designation as a means to attract new customers, who are unfortunately then pressured into paying unnecessary fees, which may then be diverted to a for-profit company. In addition, some credit counseling agencies failed to pay creditors in a timely manner and some credit counseling agencies promised results that were never achieved. When seeking the services of a credit counseling agency, always make sure that you fully understand and agree to all fees involved and understand all services and results promised. Never sign any type of contractual agreements unless these items are explained to you. When in doubt, take the time to review and understand your options. Remember, your credit rating is at risk. |
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