WASHINGTON – September 27th, 2010. Many Americans struggle to pay their credit card bills. Some turn to businesses offering "debt relief services" - for profit companies that say they can renegotiate what consumers owe or get their interest rates reduced. The Federal Trade Commission agency, has amended the Telemarketing Sales Rule (TSR) to add specific provisions to curb deceptive and abusive practices associated with debt relief services. One key change is that many more businesses will now be subject to the new TSR. Debt relief companies that use telemarketing to contact potential customers or hire someone to call consumers on their behalf have always been covered by the TSR.

Three Key Principles of the new Rule:

• It's illegal to charge upfront fees. Debt relief companies can't collect fees from a customer until they have settled or otherwise resolved the consumers debts.
  

• The company has to disclose certain information before signing consumers up for debt relief services including fundamental aspects of services, how long it will take for them to get results, how much it will cost, negative consequences that could result from debt relief services, and key information about dedicated account, if you use them.
  

• The can't misrepresent their services. The new Rule prohibits them from making false or unsubstantiated claims about their services
  

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FTC TSR (Telemarketing Sales Rule)

Three Key Principles

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