FTC sends $557,000 to consumers harmed by credit card rate reduction scam

The Federal Trade Commission is sending payments totaling more than $557,000 to consumers who paid money to GDP Network, LLC (YF Solution), a Florida-based telemarketing company that promised credit card interest rate reductions and regularly failed to deliver.

The FTC and the State of Florida sued GDP Network and its owners in July 2020, alleging that they charged consumers as much as $3,995 for their debt relief services, making claims that they were affiliated with major credit card companies and could save consumers thousands of dollars by securing reduced interest rates. In fact, according to the lawsuit, consumers rarely, if ever, saw any benefit from the company’s supposed services and were ultimately left with more debt and worse credit. The scam’s operators agreed to settlements that the court entered in November 2021 that permanently banned them from the debt relief industry and required them to surrender assets.

Details are here.

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