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Regulators Warn about Counselors.(Brief Article)
The Federal Trade Commission, Internal Revenue Service and state regulators have issued a consumer alert for those seeking guidance from tax-exempt credit counseling agencies.
Many consumers are seeking help from nonprofit credit counseling agencies to manage their debt or "repair" damaged credit, state and federal regulators noted. They urged consumers to be cautious when choosing a credit counseling organization, saying that there have been an increasing number of complaints to state and federal agencies that suggest some credit counselors are engaging in "questionable activities."
The regulators say they are concerned that some credit counseling organizations are using tax-exempt status to circumvent state and federal consumer protection laws.
IRS commissioner Mark Everson said the IRS "will work to protect the integrity of tax law to ensure that tax-exempt organizations understand and comply with the rules. We will work with other federal agencies and state regulators to combat abuse in this area," he said.
FTC ...
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Source: HighBeam Research, Regulators Warn about Counselors.(Brief Article)