It has been quite a while since we’ve made a post and a lot has happened in the settlement industry since the FTC changes took effect 3 months ago. Most of the smaller debt settlement companies have shut down operations. You can see the huge consolidation in the industry just by looking at the massive drop in members on the TASC, USOBA and IAPDA sites.
TASC had over 200 active members around 6 months ago, they are now down to 62.
What does this mean? For most consumers, you can be assured that if a company made it through this transition, they should be financially stable enough to not go out of business while you are working with them. For us, this means that most of our reviews are outdated and many of the companies we have reviewed are now out of business. We will be making a huge effort over the next few months to update existing reviews and write new reviews for companies that are still active in the industry. Companies with updated reviews will have a note at the top of their page indicating that update and the date on which the update occurred.
Keep one thing in mind. Just because a company made it through this transitional period does NOT mean you should work them. Please perform your due diligence and use this site as a reference.
