This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
07/28/2020
A deceptive credit card interest rate reduction offer
FTC
Monthly credit card bills can be a drag, especially when you’re feeling financially strapped. Finding ways to lower those bills — sometimes by simply calling your credit card company directly and asking for a lower rate — can save you lots of cash. So what about those companies that call with a “guaranteed” credit card interest rate reduction offer (for a small fee) and a promise to save you thousands of dollars? Most likely, it’s a deal designed to dupe you out of money.
According to a complaint by the FTC, three marketers behind the companies CSG Solutions and Second Choice Horizon targeted financially distressed people with illegal robocalls and telemarketing. Their goal, says the FTC, was to sell a bogus credit card interest rate reduction service. For an upfront fee, these companies falsely guaranteed zero percent interest rates for the life of people’s credit card debt. They also promised thousands of dollars in savings. But, says the FTC, people never got the financial relief they were looking for.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information