Weekly Intel Report
Headline: Publishers, be very selective with the debt relief offers you promote going forward. This industry is about to undergo increased scrutiny and regulation!
Details: Many of the debt relief services advertised using affiliate marketing are going to undergo increased regulatory scrutiny by the FTC, state regulators, and attorneys general. The Telemarketing sales rule (called the TSR) is going to be amended to cover these services in the future. These services include: credit counseling, debt settlement, and debt negotiation. The basic premises of the changes will dramatically impact the way these services can be advertised. The noteworthy changes below will require more up front disclosures and insure the consumer is better protected. The commission is seeking comments on the amendment that would:
* Prohibit companies from charging fees until they have provided the debt relief services;
* Require disclosures about the debt relief services being offered, including how long it will take to obtain promised debt relief and how much it will cost;
* Prohibit specific misrepresentations about material aspects of debt relief services, including success rates and whether a debt relief company is nonprofit;
* Extend the TSR to cover calls consumers make to debt relief services in response to their advertisements; and
* Define the term “debt relief service” to cover any service to renegotiate, settle, or in any way alter the payment terms or other terms of the debt between a consumer and one or more unsecured creditors or debt collectors, including a reduction in the balance, interest rate, or fees owed.
6 Comments, Comment or Ping
Collin - Feed Flare
It’s good that this is actually going on. First we need honest advertisers then we need honest affiliates and networks. It has to start somewhere right?
Aug 25th, 2009
Scott Parent
Absolutely agree Collin. I think this is the only way our industry survives longterm.
Aug 25th, 2009
ReduceDebt
“Weekly Intel Report | Mediatrust Blog” http://tinyurl.com/ldmmtw …
This comment was originally posted on Twitter
Aug 26th, 2009
Peter Bordes
Collin you know that we could not agree with you more! everyone in this segment of the industry must grow up! or they will hurt everyone and we all loose. affiliate marketing has a chance to become bigger than every if people stop taking fast money short cuts and look at building real value in products, marketing techniques, brands and take care of the consumer.
There is very significant regulation coming over the next 12 months as well as lawsuits and more. lets look at long term business building not short term profits.lets all work together to protect the good people in the industry and weed out the questionable.
Lets start being proactive in building our industry vs being reactive and running to the next hot thing.
Time to grow up
Aug 28th, 2009
Peter Koning
This is awesome.
We can all create more wealth via affiliate marketing – as affiliates, vendors, and third party providers (consultants, platforms etc.) when there is more transparency all the way down the line to the consumer.
Can’t wait – bring it on
Cheers.
Aug 28th, 2009
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