Reply by ReneeK_MI on 12/9/10 5:16am
Msg #364435
Here's what I know, it's enough for my choices. =)
For "credit repair services", we have the following from the Credit Repair Organization Act:
(b) Payment in Advance.--No credit repair organization may charge or receive any money or other valuable consideration for the performance of any service which the credit repair organization has agreed to perform for any consumer before such service is fully performed.
http://www.ftc.gov/os/statutes/croa/croa.shtm
For "Debt Consolidation" or "Debt Management", there is the promulgated Uniform Debt-Management Services Act (UDMSA), which one needs to review per their own state's statutes.
Final version of the Act is available here: http://www.udmsa.org/
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It's unfortunate that these terms can be confusing and the statutes covering them can be very specific to the 'term' (i.e. exact service being provided). I think as we (NSA's) become more knowledgeable AND more aware of how predatory entities attempt to engage our services as a means of implied 'authentication' (or intimidation), we're less willing to be involved in ANYTHING with a potential risk to others, more or less arbitrarily.
My own decision was arbitrary - I don't even want the conversation as to whether or not any particular service is/isn't predatory, legal, etc. I know that ANY consumer who has a phone or some stamps CAN do for themselves what a lot of service providers will charge them for. I know there are LOTS of non-profit organizations that are credible. I know that the nation is ripe with scams aimed at desperate people. I know just enough to know I want no part.
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