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Bureau may enforce stricter collections policies

clock May 17, 2011 09:30 by author Kyle Duncan
Beginning July 21, a new agency will join the Federal Trade Commission to investigate complaints and violations of debt collection agencies, according to The Atlanta Journal Constitution.The Consumer Financial Protection Bureau, a new federal watchdog group, will have many regulatory powers that could further negate harassing and illegal debt colle... [More]

Rapid growth sparks collections agency to add staff

clock May 16, 2011 09:30 by author Kyle Duncan
A former software-company-turned collections agency plans to take on 120 new employees by 2012 due to revenue growth that has far exceeded expectations.CKS Financial, a collections firm based in Chesapeake, Virginia, expects to hire 41 workers this year and another 80 or so next year, according to The Virginian-Pilot."We have exceeded our expe... [More]

Minnesota debt collector loses license, must pay fine

clock May 15, 2011 08:15 by author Kyle Duncan
A Lonsdale, Minnesota-based debt collector recently had his license revoked by the Minnesota Department of Commerce after being found to have violated the Fair Debt Collection Practices Act as well as state law, according to the Northfield News.Khemall Jokhoo, owner of First Financial Services, allegedly threatened to have consumers arrested and en... [More]

Law-breaking Louisiana debt collector charged with contempt of court

clock May 14, 2011 10:45 by author Kyle Duncan
A Metairie, Louisiana, businessman was recently held in contempt of court by the state attorney general's office after violating a court order that prevented him, his son and another employee at the debt collection agencies where they worked from continuing to operate accounts receivable management businesses, according to the Times-Picayune.In... [More]

Consumer complaints about debt collection on the rise

clock May 13, 2011 10:45 by author Kyle Duncan
The South Carolina Department of Consumer Affairs recently reported that debt collection was the top consumer complaint in the state last year, accounting for 13 percent of the grievances logged by the agency, according to The State newspaper. Consumers, who lodged nearly 5,500 complaints, were able to reclaim a total of $580,000 through refunds, c... [More]

Employee loans compounding California budget crisis

clock May 13, 2011 09:30 by author Kyle Duncan
According to California State Controller John Chiang, state agencies' lax attitude toward giving employees interest-free loans and collecting on debt are partially to blame for California's budget issues, the Long-Beach Press Telegram reports.Chiang, who began investigating the loans two years ago, has since issued several audits - one of w... [More]

Former Movie Gallery customers receive debt relief in settlement

clock May 13, 2011 08:15 by author Kyle Duncan
Movie Gallery's liquidation trustee has settled a complaint regarding its debt collection, offering consumers nationwide some relief.Consumer protection advocates from all 50 states teamed up in an effort to object to the company's debt collection practices, as the firm, which is owned by Hollywood Video, attempted to collect $244 million i... [More]

Take steps to avoid illegal debt collection tactics

clock May 12, 2011 12:00 by author Kyle Duncan
Debt collectors can be a nuisance, especially if they use threatening or illegitimate tactics to reclaim funds. The Better Business Bureau recommends some key strategies and techniques to keep in mind if an agency becomes too aggressive.Check with the BBB's website to ensure that the agency is legitimate by asking for the collector's name a... [More]