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CREDIT COUNSELING and DEBT CONSOLIDATION: What you need to know before you sign up.

“(NPR News, May 15, 2006). The
Internal Revenue Service is revoking
the tax exempt status of some of the
largest credit counseling agencies in
the country. An IRS investigation
disclosed that the firms solicited
business from people seriously in debt
and that they didn’t provide counseling
or consumer education, as required.

Prodded in part by a congressional
oversight committee and consumer
advocates, the IRS began investigating
dozens of credit counseling agencies –
most holding non-profit status — two
years ago. IRS Commissioner Mark
Everson says the companies “poisoned an
entire sector of the charitable
community.”

Everson says in many instances,
companies were organized merely to
funnel business to loosely affiliated
for-profit companies. Many of the firms
spend millions of dollars on
commercials that urge anyone with debt
to call them to solve their financial
woes. And because tax-exempt
organizations are not bound by the
federal do-not call list, the firms
were able to randomly call consumers,
pitching their services under the guise
of a non-profit counseling service.

The IRS investigations are also
likely to affect consumers, thanks to a
new bankruptcy law that requires
consumers considering bankruptcy to get
counseling before they are allowed to
file. The IRS wants to ensure that only
legitimate non-profit agencies are
doing the counseling. In addition to
the actions announced Monday, the IRS
is sending more than 700 compliance
letters to the rest of the credit
counseling industry.”

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