Profiteering in a Non-Profit Industry: Abusive Practices in Credit Counseling
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Serial Number
109-55.S
Levin Center Identifier
Document Date
2005-04-13
Report Length
58 pages
Policy Agendas Project Major Code
Policy Agendas Project Minor Code
Additional, Minority, Dissenting Views
Report Type
Found Using Methodology
Yes
Committee(s)
Subcommittee(s)
Commission(s)
Idependent Author(s)
Brief Executive Summary
The Permanent Subcommittee on Investigations of the Senate Committee on Homeland Security and Governmental Affairs conducted an investigation into the abuse of the non-profit status by profiteering credit counseling agencies. The Subcommittee held hearings and conducted interviews involving high-ranking officials of said non-profits as well as IRS officials. The report found that abuse of the non-profit credit counseling status was widespread and that much of the industry was not credit counseling, but debt management, promises to restore credit ratings, or loans.