Topics and Issues

Credit repair (34)

In December 2023, U.S. Senators John Hickenlooper (D-CO) and Amy Klobuchar (D-MN) sent a letter urging the Consumer Financial Protection Bureau (CFPB) to protect consumers from deceptive and illegal debt collection practices. That letter was announced in a press release. Even after the court ruling in CFPB vs. Progrexion Marketing Inc.,

unscrupulous telemarketers continue to evade the court’s decision. This puts consumers at ongoing risk to ‘quick fix’ credit repair schemes that typically promise rapid, unrealistic improvements in one’s credit score, often through unethical or illegal means. These predatory practices disproportionately affect already vulnerable consumers, worsening their financial and credit situation.

We strongly urge the Consumer Financial Protection Bureau to expeditiously implement a uniform and intensified enforcement agenda, thereby clarifying its regulatory approach with respect to the Telemarketing Sales Rule’s advance fee prohibition. Such a step would curb deceptive and abusive practices in the telemarking of debt relief services and underscore the Bureau’s unwavering commitment to its mission.