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AG sues Credit Solutions of America

Published: Wednesday, June 3, 2009 1:11 PM CDT

A company promising to help people get out of credit card debt has been sued by Missouri Attorney General Chris Koster.

Koster says Credit Solutions of America, headquartered in Richardson, Texas, promised customers it could reduce their payments by 50 percent, lower their monthly bills and get them out of debt within three years. An investigation by his office found the company took customers' money, but did not deliver the promised services, and the company is not registered as required in Missouri.

The attorney general says Credit Solutions of America illegally charged customers about 15 percent of their entire debt through upfront payments and subsequent direct installments from the customers' bank accounts. However, Missouri law prohibits credit services companies from taking money from a customer until all services are performed in full.

Koster says most debt-modification companies deliver significantly less than they promise, and customers should be cautious about doing business with these companies.


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