October 30, 2003

IRS Increases Scrutiny of Credit-Counseling Groups

By Debra Blum and Stephen G. Greene

The Internal Revenue Service, which has spent the past year scrutinizing nonprofit credit-counseling organizations, announced this month that it is cracking down on the groups. The announcement came a few days after the IRS joined the Federal Trade Commission and a group of state charity regulators in issuing an alert warning consumers to be wary when seeking assistance from credit-counseling agencies.

Each year, millions of debt-laden Americans turn to such organizations, which say

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