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Archive for 'Debt Collectors'
Debt Collector Green Tree Responsible for Burden of Proof
The U.S. Court of Appeals for the Third Circuit ruled that under the Fair Debt Collection Practices Act, debt collectors contacting third parties to locate debtors must show that the contact was purely to locate the debtor. In this case, Patricia...
Read MoreCFPB Reports 88,300 Debt Collection Complaints in 2014
The Consumer Financial Protection Bureau (CFPB) has released its 2015 Annual Report, providing an in-depth look at the thousands of consumer complaints received by the Bureau in 2014. A staggering 88,300 complaints, 35% of those made to the CFPB, related to...
Read MoreKansas City Woman Awarded $83 Million In Debt Collection Case
One of the largest debt buyers in the United States has been ordered to pay nearly $83 million in punitive damages to a Kansas City woman whom it had sued over a $1,000 credit card debt. Portfolio Recovery Associates LLC says it mistakenly...
Read MoreCFPB Takes Action, Fines Military Allotment Processor Millions
The CFPB (Consumer Financial Protection Bureau) has taken legal action against a military allotment processor who failed to clearly disclose a number of recurring fees to service members. The outcome? Roughly $3.1 million in relief that is to be paid out to affected service members....
Read MoreUS Dept of Education Ends Contracts with 5 Private Collection Agencies
In a recent press release, the United States Department of Education (DoED) announced that it is ending contracts with five private debt collectors. This news comes to us in the wake an internal review conducted by the DoED’s Federal Student Aid...
Read MoreCFPB Called Upon to Toughen Payday Loan Standards
In a recent opinion piece for the New York Times, Executive Vice President and Director of Federal Policy at the Center for Responsible Lending, Gary Kalman, calls upon the Consumer Financial Protection Bureau (CFPB) to crack down on standards for payday...
Read MorePhantom Debt Collectors Haunt Latinos, Are Busted by FTC
Harassing debt collectors seeking payment for “phantom debt” are becoming more common, says the FTC. Thousands of Spanish-speaking consumers were targeted by debt collectors Centro Natural Corp. and Sumore LLC, who tricked them into paying over $2 million in phantom debts....
Read MoreABC News Reports Fake Debt Collectors Threaten Victims with Jail Time
Earlier today, ABC News reported that phony debt collectors are calling thousands of innocent people across the country, illegally threatening them with jail time and other legal action. If you follow the Credit Law Blog, you’re probably already aware that this is...
Read MoreIowa Man’s Overdue Debt Tripled by Debt Collector
Vietnam War veteran Dana Franks of Iowa is under pressure from an Omaha, Nebraska-based debt collection firm to pay over $15,000 for a $5,000 credit card debt from 2006. The debt stems from a Capital One credit card Franks used...
Read MoreFake Debt Collector Scams Thousands, Pleads Guilty
Dealing with an endless barrage of debt collection calls is one thing, but when a debt collector demands that you pay a debt, threatening legal action even though you don’t recall owing any debt to begin with? That’s something else...
Read MoreObama Admin Seeks to Expand MLA, Reduce Predatory Lending
The Obama Administration and the U.S. Department of Defense (DoD) are aiming to curtail predatory lending practices by expanding the protections offered to active service members and their families. These actions are intended to broaden the Military Lending Act (MLA), crushing...
Read MoreOnline Payday Loans Overrun with Abusive and Deceitful Practices
The Pew Charitable Trusts revealed on October 2nd that today’s online payday loans are overrun with abusive and deceitful practices. In their latest entry to the Payday Lending in America series, Pew observed that online and Internet loans are more costly when...
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