What happens when a credit card charge-off is sold to a debt collector ...
Nov 6, 2024 · Both the charge-off status and the debt's sale to a collector can significantly impact your credit. Charge-offs appear as negative marks on your credit report, typically lasting for up to seven ...
FTC Takes Action Against Phantom Debt Collector That Collected …
Nov 4, 2024 · The Federal Trade Commission is taking action against a Georgia-based debt collector that tricked consumers into paying more than $7.6 million in bogus debt by threatening them with jail time, harassing their family members, and other unlawful actions.
Capital One and Other Debt Collectors Are Still Coming for ...
Jun 8, 2020 · While new collection activity has dropped off, some major debt collectors have been laying the groundwork for a return to normal by filing suits by the thousands, according to a ProPublica...
Corporate debt collectors have been using small claims courts to …
Nov 1, 2024 · Small claims court was once a place where individuals could get a court solution to a small dispute. Now, many cases involve lawyers for big companies going after individuals for small sums.
Debt Collectors Have Made a Fortune This Year. Now They ...
Oct 5, 2020 · Debt collection lawsuits provide a key source of revenue for the companies, a way to extract payment from consumers, typically low-income, who don’t offer it up. But now even that hiccup is...
FTC Refunded $4.86 Million to Victims of Abusive Debt Collectors …
Apr 15, 2022 · resolving three Fair Debt Collection Practices Act (FDCPA) cases against 17 defendants and banned all 17 companies and individuals who engaged in serious and repeated violations of law from ever working in debt collection again; issuing more than $4.86 million refunds to consumers harmed by unlawful debt collection practices;
Consumer bureau orders debt collection agency to shut down for …
Dec 15, 2023 · The Consumer Financial Protection Bureau on Friday ordered Commonwealth Financial Systems, a debt collection agency specializing in medical debt, to shut down as a result of what CFPB...
Debt Collection - Federal Trade Commission
Oct 3, 2024 · Some collectors harass and threaten consumers, demand larger payments than the law allows, refuse to verify disputed debts, and disclose debts to consumers’ employers, co-workers, family members, and friends. Debt collection abuses cause harms that financially vulnerable consumers can ill afford.
Debt collector Intrum’s loan restructuring under fire from …
Jul 30, 2024 · A group of bondholders in Intrum, Europe’s largest debt collector, is preparing to try to block a crucial restructuring of its own €5.4bn borrowings after facing the threat of a writedown on...
Europe’s biggest debt-collector has a debt problem - The Economist
Jul 11, 2024 · Intrum, Europe’s biggest debt collector, has struggled to make its business of buying and settling bad loans work. Now it is under pressure from its own excessive borrowing.