the ones that you write one check to each month and they disburse payments to all you creditors and utility bills...etc? Any banking regulations? State?
2006-12-18 03:35:20 · 2 answers · asked by SmartPerson 1 in Business & Finance ➔ Personal Finance
They are governed by general state laws, but there is no state or federal agency that governs them like banks or stock brokers are governed. Your local attorney general and the Federal Trade Commission will look into complaints.
Investigate any counselor you are considering carefully. There have been many cases where they either kept the money to cover their fees or made late payments, worsening the client's credit score.
2006-12-18 03:43:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The IRS does regulate whether they are considered a non-profit. A number of credit counselors have recently lost their non-profit status.
They are governed by state laws and regulations.
2006-12-18 05:02:14 · answer #2 · answered by VATreasures 6 · 0⤊ 0⤋