According to CNN here, the two
largest debt collection companies in the United States are being ordered to pay millions of dollars for wrongfully collecting on illegitimate and unscrupulous debts.
Beginning January 2013, the nation's
largest debt collection companies will face new oversight by the Consumer Financial Protection Bureau (CFPB).
Debt validation (aka: Disputing debt collection accounts) According to CNN here, the two
largest debt collection companies in the United States are being ordered to pay millions of dollars for wrongfully collecting on illegitimate and unscrupulous debts.
Not exact matches
Specifically, Defendants made false and / or misleading statements and / or failed to disclose that: (i) the
Company was engaged in predatory lending practices that saddled subprime borrowers and / or those with poor or limited credit histories with high - interest rate
debt that they could not repay; (ii) many of the
Company's customers were using Qudian - provided loans to repay their existing loans, thereby inflating the
Company's revenues and active borrower numbers and increasing the likelihood of defaults; (iii) the
Company was providing online loans to college students despite a governmental ban on the practice; (iv) the
Company was engaged overly aggressive and improper
collection practices; (v) the
Company had understated the number of its non-performing loans in the Registration Statement and Prospectus; (vi) because of the
Company's improper lending, underwriting and
collection practices it was subject to a heightened risk of adverse actions by Chinese regulators; (vii) the
Company's
largest sales platform and strategic partner, Alipay, and Ant Financial, could unilaterally cap the APR for loans provided by Qudian; (viii) the
Company had failed to implement necessary safeguards to protect customer data; (ix) data for nearly one million
Company customers had been leaked for sale to the black market, including names, addresses, phone numbers, loan information, accounts and, in some cases, passwords to CHIS, the state - backed higher - education qualification verification institution in China, subjecting the
Company to undisclosed risks of penalties and financial and reputational harm; and (x) as a result of the foregoing, Qudian's public statements were materially false and misleading at all relevant times.
With multiple
companies offering a commercial service to collectors to identify consumers enrolled in
debt settlement programs through the use of an aggregated database of
debt settlement consumers, many buyers and collectors have developed a hybrid strategy of working directly with a few
large debt settlement
companies while also scrubbing
collection files and submitting offers through third party
debt settlement account aggregators.
Midland Funding is part of Encore Capital Group, one of the
largest debt buying
companies in the U.S. Through its subsidiaries, Encore Capital and other
debt buying
companies purchase credit card, medical and other
debts, usually from the original creditors after many months, or even years, of unsuccessful
collection attempts by the original lenders.
I am proud to call many of the
largest banks,
collection agencies,
debt buyers and insurance
companies our clients and have roughly a 50/50 case distribution between Plaintiffs and Defendants.
The 77 million Americans pursued and often harassed by
debt collection agencies won a moment of relief when the Consumer Financial Protection Bureau (CFPB) ordered the nation's two
largest debt buying
companies to stop collecting on $ 128 million in
debt and...
You can get
large discounts on what you owe when negotiating with
Debt collection companies, which is why debt settlement companies wait until the debt collection company takes over the debt before they start negotiat
Debt collection companies, which is why
debt settlement companies wait until the debt collection company takes over the debt before they start negotiat
debt settlement
companies wait until the
debt collection company takes over the debt before they start negotiat
debt collection company takes over the
debt before they start negotiat
debt before they start negotiating.