Welcome to the Consumerist Archives

At the time of October 2017, Consumerist isn’t any longer creating content that is new but please feel free to search through our archives. Right Here there is 12 years well well worth of articles on sets from how to prevent dodgy scams to composing a successful issue page.

Business That Sold Fake Cash Advance Debts To Collectors Must Pay $4.1M

We’ve heard it before: a business collection agencies company involved in a debt that is“phantom by which they attempt to entice naive individuals into having to pay debts they don’t actually owe. While federal regulators have actually cracked down on these unscrupulous businesses within the past, they have been now switching their focus on the businesses information that is providing these expected debts. The Federal Trade Commission today ordered one such data company to pay $4.1 million to that end.

The FTC announced today so it had obtained a $4.1 million judgment [PDF] against a procedure that sold — for millions of bucks — lists of fake cash advance debts to collectors, whom then utilized the information and knowledge to gather debts that are unowed.

The information sold by SQ Capital, JT Holdings, and HPD LLC did not actually contain accurate information while it’s not uncommon for debt collectors to purchase portfolios of consumer debts for pennies on the dollar from third-party debt sellers.

Based on the FTC’s grievance [PDF] filed a year ago, starting in July 2014, the firms — along side operator Joel Jerome Tucker — started promoting and payday cash loan Ohio attempting to sell fake financial obligation portfolios that purported to determine clients that has defaulted on payday advances.

An air of legitimacy, the portfolios claimed that some of the loans were issued by fictitious lender “Castle Peak” or online lender 500FastCash in order to give the lists.

In some instances, Tucker also allegedly utilized the title of his sibling, pay day loan merchant Scott Tucker, to offer credibility to your debts.

You could keep in mind Scott Tucker; he had been recently discovered responsible on 14 costs racketeering that is including to running a $3.6 million online payday financing operation that exploited a lot more than 4.5 million individuals.

Furthermore, the FTC claims that in some instances, the loans placed in the portfolio had been genuine, but that the SQ Capital, JT Holdings, and HPD failed to take part in any deal that authorizes them to get, offer, distribute, or move any loans that are valid.

Regardless of this, the grievance claims that collectors whom purchased the portfolios had the ability to cause people to spend the fictitious debts.

Under today’s purchase, Tucker and their businesses need to pay a $4.1 million judgment which will be deposited into the U.S. Treasury.

The firms may also be banned from handling painful and sensitive financial obligation information, including banking account numbers, credit or debit card figures, or social safety figures.

Finally, the businesses must destroy the information that is personal they supplied and prevent misrepresenting product factual statements about debts and any service or product.

Want more news that is consumer? See our moms and dad company, Consumer Reports, for the most recent on frauds, recalls, as well as other customer problems.

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