News release: “The Federal Trade Commission testified today on consumer protection issues relating to the rent-to-own industry. The testimony described the agency’s role in enforcing laws relating to financial issues, provided background on the rent-to-own industry, and described key findings of a 2000 report published by the FTC’s Bureau of Economics on the rent-to-own industry. The testimony was presented by Bureau of Consumer Protection Deputy Director Charles Harwood, who told the House of Representatives Financial Institutions and Consumer Credit Subcommittee of the Financial Services Committee that the rent-to-own industry – known as RTO – consists of dealers that rent products to consumers, with an option to buy. Typically, RTO agreements do not require a down payment or credit check, and provide consumers with immediate access to household goods for a weekly or monthly payment. They may be attractive to consumers who cannot afford a cash purchase, may be unable to qualify for traditional credit, or who want a product right away without the need to pay the full purchase price.”