Maryland Consumer Rights Coalition Releases Report on Debt Settlement Companies

February 4, 2010


The Maryland Consumer Rights Coalition (MCRC) and Maryland Attorney General Doug Gansler recently announced the publication of MCRC’s report “Debt Settlement in Maryland:  Compounding Problems, Deepening Debt.”

Click here for a copy of the report.

As you might guess from its title, the report paints a pretty dire picture of debt settlement companies.

The report examines the following:

  1. Problems with procedures used by debt settlement companies.  Consumers are told to stop paying their bills and instead make monthly payments to the debt settlement company.
  2. Additional damage done to consumer’s credit file by these debt settlement tactics.
  3. Large advance fees charged by debt settlement companies whether or not they ever do any work for the consumer.
  4. Difficulties consumers have in canceling debt settlement agreements and / or getting refunds when no work is ever done on consumer’s behalf.

If you are considering signing up with a debt settlement company, read this report so you can make an informed decision.

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Posted by Karen Ware | Filed Under Credit Scores, Debt Collections, Debt Negotiation, Uncategorized 

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