There are organizations that go out and try several different debt management companies just to review them for consumers.
Phoenix, AZ -- (SBWIRE) -- 08/26/2013 -- There are organizations that go out and try several different debt management companies just to review them for consumers. Credit-yogi.com would like to share what it knows about this activity, such as:
- Federal Trade Commission
- Better Business Bureau
- State Regulation
The largest and most powerful organization which tests each debt management company reviews them is the Federal Trade Commission, or FTC. In the mid-twentieth century, these businesses were outlawed in over half of the U.S. Problems included the companies’ lying about the usefulness of debt management, charging exorbitant fees for services, and self-dealing in order to avoid the limits the IRS put on the debt management businesses then operating. Since then, both debt management businesses and the FTC have come a long way and generally work well together.
Better Business Bureau
The Better Business Bureau (BBB) was founded in 1912 and is a non-profit group which engenders public trust and lets people know which debt management company review of them. The BBB compiles and shares free business dependability reviews throughout the U.S and Canada, making it the most reliable source for such information. A business becomes affiliated with the BBB if it is issued an invitation to do so; it must then adhere to the BBB’s Code of Business Practices. A high rating from the BBB can result in an increase in a company’s profit.
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Consumer Credit Counseling Services
CredAbility is one debt management company review from FairLoanRate.com, a top-rated company-reviewing business. The debt management plan (DMP) that CredAbility develops with its clients includes investigating the client’s finances to target where there are problems. The DMP counselor thoroughly clarifies the process of the plan and gives an estimate of how long it could take for the client to become debt free. Counselors contact clients’ creditors to get late fees waived or interest rates reduced. All a client has to do is deposit a sum of money into an account with CredAbility, which then disburses it to creditors.
The FTA regulates debt management companies reviews them on a federal level; most states have their own regulatory boards for these businesses. For example, in Maryland, the Office of the Commissioner of Finance keeps watch over debt management businesses to ascertain that they are legitimate and not set up for scamming people. All of these enterprises must be licensed by the State of Maryland in order to operate. Any infractions of regulations result in fines or cessation of operations.
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