If you were a victim of the “Student Debt Doctor” scheme, the Federal Trade Commission says they must give you a refund.
The FTC is forcing them to refund $2 million to people who paid for their service. If you receive a check, cash it immediately, because it’s only good for 90 days. More details here. (link fixed)
Both the CFPB and the FTC are on the hunt for credit repair and debt relief businesses that are violating law. If you operate any type of financial repair business, make sure you know the state and federal laws, especially concerning things like:
- Telephone solicitation rules
- What you cannot post on your website
- Why you can’t advertise an increase of a certain number of credit score points
- Signatures required on the contract (the customer’s signature is not enough)
- Waiting periods required for the state you do business in
- Disclosures required to give to the customer
- And more.
Don’t fail to know and follow the laws, or you will be a “sitting duck” for an investigation and possible lawsuit.