AscendOne to stop calling itself 'non-profit' debt counselor in $4.5 million settlement

A debt management company that misled consumers about its for-profit status agreed to pay $4.5 million to settle claims brought by 20 states, Washington Attorney General Rob McKenna announced.

"AscendOne used nonprofit credit counseling agencies as a front to take advantage of consumers," McKenna said in a statement. "This settlement ensures that consumers who are sold the company's debt management plans can actually afford the service, will receive credit counseling and will know where their money is going."