File a Complaint
To file a complaint, visit the Credit and Debt Complaint webpage (opens in new tab) to get started.
Reports
- To search for a debt-management provider or download a license report, visit the Consumer Credit Unit License Holders Report website (opens in new tab).
- Debt-management companies that became inactive prior to October 31, 2020 can be found on this Nonactive Debt-Management and Disciplinary History Report (PDF).
Debt-Management Registration Required
Providers must be registered with the Colorado Attorney General’s Office before entering into agreements with Colorado residents.Ā Review the information (below) about debt-management services and requirements debt-management providers have regarding disclosure and fees under the DMSA. If a debt-management provider has violated your rights under the DMSA, you are entitled to sue the company and may be entitled to recover damages.
Credit Counseling
Credit Counseling providers, also known as Debt Management providers, work with consumersā creditors to establish a debt management plan that may include interest rate reductions, lower fees, re-aging of delinquent accounts, and lower monthly payments. Plans typically provide for full repayment of the principal amount of debt enrolled in the plan. Consumers make monthly payments to Credit Counseling providers.Ā This money is held in the providerās trust account.Ā Funds are then disbursed monthly to creditors on behalf of the consumer.
Debt Settlement
Debt Settlement providers, also known as Debt Arbitrators or Debt Negotiators, negotiate with consumersā creditors to settle debts for less than the full balance owed. Debt settlement providers do not make regular payments to creditors.Ā Instead, consumers make monthly deposits into savings or special purpose accounts, which may be a savings account at the consumerās bank, a trust account owned by the provider, or a special purpose account managed by a third party.
Negotiations with creditors usually do not begin until consumers have accumulated at least 50 percent of the amount of debt to be settled.Ā The savings process may take months or years, depending on the plan, and creditors may attempt to collect the debt during that time.