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Enforcement

FTC Joins NY and GA in Action Against 3 Collection Agencies

The Primary Group is alleged to have sent consumers multiple text messages, and, in most cases, failing to disclose the company as a debt collector. Per Jessica Rich, Director of the FTC’s Bureau of Consumer Protection: “[Debt collectors] can’t harass or lie to you, whether they send a text, email, or call you.” She also stated that “legitimate debt collectors know the rules.”

Credit Report

Credit Reporting Agencies Agree to Pay $6M to Resolve Complaints

The multi-state investigation was initiated in 2012. The investigation focused on consumer disputes about credit report errors, monitoring and disciplining data furnishers (providers of credit reporting information), accuracy in consumer credit reports, and the marketing of credit monitoring products to consumers who call the credit reporting agencies to dispute information on their credit report. Under the terms of the 54 page settlement agreement, the credit reporting agencies have agreed to make a number of changes to their business practices to benefit consumers.

boy confused

CFPB Company Complaint Portal Confusion

I’ve recently learned about some industry confusion surrounding the CFPB Consumer Complaint Portal. In speaking with about a dozen or so individuals who are responsible for interacting with the Portal on behalf of their collection agencies, I’ve heard that there are new response category options (though it’s actually not clear if they are new), as well as new public response options. I’ve also learned about what companies see in their Portal versus what the public sees on the CFPB website.

paypal

CFPB Takes Action Against PayPal For Poor Dispute Handling, Among Other Things

Today the Consumer Financial Protection Bureau (CFPB) filed a Complaint and proposed Consent Order in federal court against PayPal, Inc. for illegally signing up consumers for its online credit product, PayPal Credit, formerly known as Bill Me Later. The CFPB alleges that PayPal deceptively advertised promotional benefits that it failed to honor, signed consumers up for […]