Answer the following questions about the FTC’s Debt Relief Services Rule. You must answer 8 out of 10 questions correctly to receive a passing grade.
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Which of the following types of calls is NOT covered by the Debt Relief Services Rule?CorrectIncorrect
Which of the following activities qualify as providing “substantial assistance” to a debt relief service provider? (select all that apply)CorrectIncorrect
The Debt Relief Services Rule is a subset of the FTC Mortgage Assistance Relief Services Rule.CorrectIncorrect
A material aspect of a debt relief service includes…CorrectIncorrect
If you tell customers that your service will reduce their debt by a certain percentage, you must have reasonable basis for making the claim.CorrectIncorrect
Under the Reasonable Consumer standard, the literal accuracy of the words you use are less important than the “_________________” your words convey in the mind of the consumer.CorrectIncorrect
Bill signed up with a debt settlement company owing $4,000 on his Mastercard and $1,000 on his Discover card. One year later, the company settled the Mastercard debt for $2,000. After Bill paid the settlement, the company charged him $400. The company then settled the Discover card debt for $500, and then charged Bill $200 for settling that debt after he paid the agreed upon amount. Were these fees compliant with the Rule?CorrectIncorrect
How long must a debt relief service provider keep creditor documents?CorrectIncorrect
Which of the following is NOT a material aspect of a debt relief service?CorrectIncorrect
If you make advertising claims based on prior customer experiences, the example you provide must be representative of the entire relevant population of your past customers.CorrectIncorrect