FTC Returns Money to Consumers in Credit Card Interest Rate Scam

The Federal Trade Commission is mailing 10,387 checks totaling more than $969,000 to consumers who lost money to a credit card interest rate reduction scam.

The FTC sued Innovative Wealth Builders (IWB), a telemarketing operation that falsely promised consumers it could reduce their credit card interest rates and save them thousands of dollars on their debts. The FTC alleged that the defendants made false claims to consumers about their reduction services and refund policies, and billed consumers without their consent.

Consumers who receive the checks from the FTC’s refund administrator, Analytics LLC, should deposit or cash them within 60 days of the mailing date. The FTC never requires consumers to pay money or to provide information before refund checks can be cashed. The average amount of each check will be about $92.

Consumers who receive checks and have questions can contact Analytics LLC at 1-855-294 0139.

More information about the FTC’s refund program is available on the FTC’s website.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s website provides free information on a variety of consumer topics. Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases for the latest FTC news and resources.