“He just emailed you! You caught his eye and now he’s expressed interest in you... Could he be the one?”
Blog Posts Tagged with Credit and Finance
Every spring at colleges across the country, many graduates receive a diploma in their hand – and an albatross around their neck. The burden of student loan debt weighs heavily on American families. And given the pressures on cash-strapped employees, businesses say they’re paying a price in productivity.
The first rule of credit repair is that no credit repair company can remove accurate and timely negative information from someone’s credit report. For credit repair companies that would claim otherwise, there’s CROA – the Credit Repair Organizations Act. It makes it illegal for credit repair companies to lie about what they can do to clear up a clouded credit report, or charge upfront fees before they do the job they promised to do.
The term “FinTech” covers a lot of topics central to the FTC’s consumer protection mission – lending, payment systems, data security, privacy, and truth in advertising, to name just a few. So where can businesses go for resources on how established consumer protection standards apply in this emerging marketplace? FinTech-related materials have a new home in the Business Center: a dedicated FinTech page.
It’s time to get up to speed and down to business. Strictly Business: An FTC Forum on Small Business Financing begins at 8:30 ET today, Wednesday, May 8th. Just in time for National Small Business Week, the half-day workshop will focus on the online marketplace for small business financing.
Where do entrepreneurs go if they’re long on ideas, but short on capital? In their short history, crowdfunding platforms have often been the financial sparkplug that ignites the engine of innovation. But some campaigners promote zealously and deliver zilch. According to the FTC, a company raised over $800,000 in four crowdfunding campaigns for a high-tech backpack and other items, but used a large portion of the money on personal expenses.
Whether you’re starting a business or trying to grow one, there’s one thing you need to take it to the next level: capital. Entrepreneurs look to traditional lenders, of course, but they’re also turning to the online marketplace to find small business financing. What types of products are available? What are the benefits and the consumer protection considerations?
“There is nothing new under the sun.” It’s from the Book of Ecclesiastes and who are we to disagree? So even when innovative products enter the market – for example, new platforms offering financial services – fundamental consumer protection principles remain constant. And as the FTC’s $3.85 million settlement with Avant, LLC, demonstrates, that includes representations and practices related to online lending.
Is there anything you can’t get delivered to your front door? (And yes, home renovators will attest you can even get a front door delivered to your front door.) The burgeoning subscription model can offer convenience to customers, but only if companies honor established consumer protection principles.
The FTC focuses most of its time and attention on protecting consumers and promoting competition. Every so often, we stop and take stock. For example, check out our just-released Annual Highlights for a detailed round-up of some of the FTC’s 2018 consumer protection accomplishments.
From the FTC’s perspective, a certain pattern of online business has become a recipe for consumer injury.
The FTC’s ability to obtain information through subpoenas and civil investigative demands (CIDs) is critical to the task of investigating potential law violations. The FTC uses this authority deliberately and responsibly, avoiding unnecessary burdens on businesses and individuals and consistent with our obligations to enforce the law.
When it comes to getting the working capital your company needs, you’re strictly business. Yes, you confer with traditional financial institutions, but like many small businesses, you also may look into online loans and other newer options. Financing for smaller enterprises is the topic of an upcoming FTC workshop. Mark May 8, 2019, on your calendar for Strictly Business: An FTC Forum on Small Business Financing.
Every year, millions of consumers tell us – and our partners – about the frauds they spotted. In 2018, we heard from 3 million people and learned a lot from the reports entered into our Consumer Sentinel database. Here are some notable facts from the Consumer Sentinel Network’s 2018 Data Book – including that a new category of scams has earned the unenviable right to chant "We’re #1."
A recent ruling by a Florida Bankruptcy Judge sheds light on a tenacious team within the FTC’s Bureau of Consumer Protection. But first, let’s set the time machine to 2008 when the FTC entered into a settlement with BlueHippo, a computer financing company that pitched electronics to consumers with “less than perfect credit, bad credit, no credit.”
Just in time for Valentine’s Day, the FTC staff released a Data Spotlight highlighting the category of scam with the highest amount of reported financial loss among complaint categories the FTC uses to track fraud. The category may surprise, but here’s a hint. In the words of Bon Jovi, these con artists “give love a bad name.”
Some forms of masquerading are just good clean fun. Consider The Masked Singer, a surprise TV hit in which a panel of celebrities tries to guess the identity of other celebrities who sing karaoke while wearing elaborate disguises. (We’re not making that up. It’s a thing now.) But other forms of masquerading are based in deception, as the FTC alleges in a lawsuit against Global Asset Financial Services Group, LLC, and 15 Buffalo- and Charlotte-based defendants.
Steely Dan may be one of the best duos of the rock era. (Sorry, Donnie and Marie fans.) Their song “Hey Nineteen” reminds us to mention some FTC consumer protection developments that could be of interest to your company or clients in 2019. As “Any Major Dude Will Tell You,” when you’re “Reelin’ in the Years” – or at least recapping the past one – consider this non-exhaustive and in-no-particular-order case compilation.
Archeologists report that the first mention of diabetes was in a papyrus excavated from an Egyptian tomb. Roll the scroll out a bit and it wouldn’t surprise us to find an ad (in hieroglyphics, of course) for a pill or potion promising a miracle treatment. Questionable diabetes products have been around for centuries and the latest one to attract law enforcement attention is a dietary supplement called Nobetes.
According to a lawsuit filed by the FTC, an international network of corporations and individuals put consumers through the wringer with false claims about “free” trial offers, followed by unauthorized charges to their accounts.