FTC halts debt collection scam

An illegal debt collection scam that collected more than five million dollars from victims has been stopped by the Federal Trade Commission. According to the FTC, the scammers tricked victims into believing they owed payday loans. Callers would harass consumers into paying the fake loans by posing as law enforcement or government agencies. The settlement…

FTC: debt collectors shut down for unlawful practices

Creditors may have a right to pursue their debt, but they have to do it legally. The Federal Trade Commission (FTC) this week announced a judgment against a debt collection operation it says used abusive tactics and threatened consumers into paying debts they may not have owed. Pinnacle Payment Services, LLC and its principals have been…

CPSI collects consumer complaints of threats and harassment

BBB advises consumers to be very cautious when receiving collection calls CPSI Loss Prevention/Security is in business to collect debts, but the Corpus-Christi-based company has also collected numerous consumer complaints alleging threatening, harassing behavior. Better Business Bureau has received close to 60 complaints against the collection company over the last 36 months. Consumers report the…

Consumer Financial Protection Bureau to oversee debt collection

Consumers struggling with debt will soon have a new place to turn. The Consumer Financial Protection Bureau announced it will begin supervising debt collection agencies Jan. 2. “Millions of consumers are affected by debt collection, and we want to make sure they are treated fairly,” Richard Cordray, the director of the CFPB, said in a…