If you are tempted by the promise in a rate reduction call, you should hang up. The companies or scammers behind the sales pitches claim to have special relationships with credit card issuers, but they can't do anything for you that you can't do for yourself — for free. They will likely demand an up-front fee, which is illegal in Michigan, in addition to making other false or misleading representations. Additional rules can be found in Michigan’s Credit Services Protection Act. Up-front fees for rate reductions and debt relief are also illegal under the Federal Trade Commission’s Telemarketing Sales Rules.
Be skeptical of any unsolicited robocalls, including seemingly legitimate sales calls, especially if your phone number is on the Do Not Call Registry. Never give your personal or financial information over the phone unless you initiate the call to a trusted and verified phone number. Consider it a best practice to hang up and ignore these robocalls.
If you’ve received this kind of robocall or have fallen for a credit card interest rate reduction scam, file a complaint with our office; the Federal Trade Commission; or call toll-free, 877-FTC-HELP (877-382-4357).