The same problems that plagued the foreclosure process — and prompted a multibillion-dollar settlement with big banks — are now emerging in the debt collection practices of credit card companies. As they work through a glut of bad loans, companies like American Express, Citigroup and Discover Financial are going to court to recoup their money….
Consumers across the country say they are being harassed into paying bills they don’t owe to a company that no longer exists. And it’s not the first time. Hollywood Video and its parent company, Movie Gallery, went out of business in 2010 and declared bankruptcy. About 3 million U.S. residents owed money to the firm…
Capital One Financial Corp. exaggerator has been mandated to pay a sum of $210 million for conducting deceptive marketing of credit card add-ons like credit monitoring and payment protection, reports Business Insider. Neither a denial nor an admittance of guilt was released by the firm. The Dodd-Frank Act-created Consumer Financial Protection Bureau (CFPB) and the…
A division of Sallie Mae, Arrow Financial is a receivables management firm. As such, part of its business functions includes debt collection. Arrow collects on behalf of the utilities, student loans, telecommunications, credit card and auto deficiencies industries. Headquartered in Niles, Illinois, the collector also has locations in Rockville Center, New York; Whitewater, Wisconsin; and…
Have you been abused or harassed by a debt collector? You don’t deserve to be treated like a doormat nor should you tolerate as much. If your legal rights are being violated you might qualify for free legal help through the Fair Debt Collection Practices Act. Consumer Attorney Craig Thor Kimmel was interviewed by MoneyTalksNews.com…
One of the nation’s largest debt collectors, Allied Interstate, was charged by the Federal Trade Commission for making repeated collection calls to collect from the wrong person, to collect the wrong amount or both. Allied has agreed to pay $1.75 million in the settlement, which is the second largest civil penalty obtained by the FTC…
A disturbing piece of collection harassment news has come to our attention via American Banker: Bank of America has apparently sold a debt collector the rights to sue consumers over credit card debt that it has internally confirmed to possibly be repaid or inaccurate. The company sold off credit card receivables to a Denver, Colorado-based…
Arizona Gov. Jan Brewer has approved legislation making it easier for debt collectors to go after defaulting consumers and small businesses. Brewer signed House Bill 2664 into law today. The measure allows collection agencies to use final billing statements as a basis to show amounts owed and interest rates as they seek court judgments and…
Although this blog is usually dedicated to educating consumers about credit and collection scams and educating them on how to stop collection calls, today there is a different, but no less important, type of credit news that needs to be brought to the attention of readers. Credit and debit card data from the major card…
Bank of America (BoA) has introduced a test program in certain markets called “Mortgage to Lease,” says the Wall Street Journal. It allows BoA mortgage customers facing foreclosure to keep living in their homes by converting them into renters rather than owners. One thousand borrowers in Arizona, Nevada and New York will be able to…
