by Structured Settlement Watchdog
In the absence of adequate regulatory oversight and a demonstrable inability of the secondary market to self regulate, some settlement purchasers continue to exploit the gap using paid reviews in their marketing.
Maryland Companies Have Been Exposed For Using Paid Video Testimonials
Two companies from Maryland have been exposed for their disgraceful using paid video testimonials in which actors who have been paid $5-$40 have been held out fraudulently to consumers and investors as real customers.
Then there is the use of a company called " Top Consumer Reviews" a company that conducts "paid surveys" where not only are the participants paid to take part in the survey, but Top Consumer Reviews is also paid, according to the prominently displayed disclaimer on its site. Last year I called out one of the companies in the settlement purchaser paid survey which proudly displayed its award to the site. In my research I've noted that the company has issued press release as far back as 2011, announcing its "best in class" result in the paid survey. It fails to disclose in its press releases that the survey participants and the review company are paid and it fails to disclose a statistical sample.
What is the Problem With Top Consumer Reviews.Com in Reviewing Settlement Purchasers?
The problem with Top Consumer Reviews is that there is no disclosure made of the composition of the sample used in the survey. One cannot determine whether it is a statistical sample. Even if it was a statistical sample, are these people who actually have structured settlements, people who have actually done business with these settlement purchasers or just random demographics. What criteria were used by the survey participants? Were they simply asked to watch commercials, visit websites and see who was the funniest or the most memorable? But did the survey participants actually enter into a contract to sell structured settlement payment rights with any of these companies prior to being a participant in the survey?
Even in Sumter County Florida, a county in which 4 structured settlement factoring transactions were somehow approved for a single annuitant in 6 months under circumstances now the subject of a lawsuit against Imperial Structured Settlements, a reviewer could not possibly have sold structured settlements to all these companies in order to attest to an experience with any of the listed settlement purchasers in any meaningful way to consumers.
In its own review of Paid Survey Companies, Top Consumer Reviews does not even rank. However, TCC admits the following:
"Paid surveys are designed to gather opinions and information from an individual and, in turn, offer a financial reward to those who are willing to take the time to complete the survey. Companies who want to improve their marketing strategy and/or product are the most likely candidates to offer a legitimate paid surveys work at home opportunity.
When it comes to online surveys, the best opportunities are those that use demographics to select their participants. This means that many paid surveys require the participant to first answer a series of pre-survey questions to ensure that they are a good fit for the program. If an individual is selected to participate in the actual survey based on the answers they provide, they will be compensated according to the terms of the program".