Who is the Federal Trade Commission and What Do They Have to Do with Debt Relief?
You may have heard of a federal agency called the Federal Trade Commission.
The purpose of the FTC is to protect you, American consumers from deceptive and unfair business practices.
Just take a look at their website’s logo:
They are like the police of the business world, and no industry needs more policing than the scumbag debt relief service industry.
Debt relief service companies prey on everyday folks who are stressed from their debt situation and unaware of the consumer protection laws that empower them.
They COERCE good people into handing over $1,000s in fees to do something they could do 100% on their own.
So what has the FTC done to stop this?
First, they helped to create the laws that govern business and business regulations in the credit and debt industries. DebtClear uses many of these in its system.
But laws alone won’t do the trick. It’s too easy for a relief business to find a loophole or fly under the radar of regulators.
That’s why the FTC’s mission statement states the following:
“Protecting consumers… through law enforcement, advocacy, and education…”
What the FTC can’t regulate with law enforcement, they make up for with education. Which is the point of this blog post.
The ftc.gov site has pages of warnings and guidelines on how to spot scams in the debt relief industry.
The bad news? Nearly every type of debt relief service can and will rip you off, even if their programs are technically legal.
The good news? The DebtClear team made this post to summarize these warnings and help you avoid disaster.
The best news, though? The DebtClear system was created entirely as an alternative to the scam-filled debt relief service world. So you don’t have to risk being ripped-off at all!