Tag: Credit and Finance

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Over the last year, the Federal Trade Commission has continued vigorously enforcing the Fair Debt Collection Practices Act by bringing or resolving seven debt collection cases, according to the agency's annual letter to the Consumer Financial Protection Bureau. The FTC shares federal jurisdiction...
A Federal Trade Commission study of the U.S. credit reporting industry found that five percent of consumers had errors on one of their three major credit reports that could lead to them paying more for products such as auto loans and insurance. Overall, the congressionally mandated study on credit...
The defendants behind an operation that allegedly preyed on vulnerable homeowners have agreed to settle Federal Trade Commission charges that they lured people into paying $1,995 or more by holding out bogus promises that they could help them avoid foreclosure and renegotiate their mortgages.
At the request of the Federal Trade Commission, a U.S. district court shut down a Houston-based debt collection operation that allegedly illegally used insults, lies, and false threats to collect on payday loans – including telling a Virginia woman that she would be arrested and jailed for three...
In a settlement with the Federal Trade Commission, two California-based companies and their principals, who allegedly took hundreds of thousands of dollars from consumers, are banned from marketing auto loan relief or any other type of debt relief to consumers.
The Federal Trade Commission today announced the results of the first empirical study of debt buyers – companies that are in the business of buying consumer debts and trying to collect on them. 
At the Federal Trade Commission’s request, the U.S. District Court for the Middle District of Florida has temporarily shut down Innovative Wealth Builders, Inc.
The Federal Trade Commission has asked a federal court for permission to charge three persons and five companies they control with improperly receiving at least $22 million from a scheme that allegedly bilked consumers out of more than $275 million with deceptive “trial” memberships for bogus...
The remaining defendants in the Federal Trade Commission’s case against Rumson, Bolling & Associates have agreed to a settlement that permanently bans them from the debt collection business.
As part of its continuing crackdown on scams that target consumers in financial distress, the Federal Trade Commission obtained a settlement order resolving charges against a nationwide scam operating from the Dominican Republic and banning the defendants from providing mortgage assistance relief...
At the request of the Federal Trade Commission, a U.S. district court has temporarily halted a debt relief operation that allegedly charged cash-strapped consumers hundreds of dollars based on the false claim that it could obtain rates as low as zero percent.
The Federal Trade Commission has filed three separate suits in federal court to halt the allegedly deceptive tactics of three operations that preyed on distressed homeowners by falsely claiming they could save their homes from foreclosure, and then charging them thousands of dollars up-front,...
The Federal Trade Commission has taken action against a payday lending operation that allegedly piled on undisclosed and inflated fees, and collected on loans illegally by threatening borrowers with arrest and lawsuits.  The FTC has asked a federal court to stop the allegedly illegal business...
The Federal Trade Commission stepped up enforcement of the Fair Debt Collection Practices Act in the last year by cracking down on collectors who allegedly used abusive tactics to intimidate consumers, misled consumers while seeking payment on time-barred debts, used faulty data to identify...
Two men who worked for an allegedly abusive and deceptive debt collection operation will be banned from the business as part of settlements reached with the Federal Trade Commission. 
The Federal Trade Commission today released its list of top consumer complaints received by the agency in 2011. For the 12th year in a row, identity theft complaints topped the list. Of more than 1.8 million complaints filed in 2011, 279,156 or 15 percent, were identity theft complaints. Nearly 25...
The Federal Trade Commission warned marketers of six mobile applications that provide background screening apps that they may be violating the Fair Credit Reporting Act. The FTC warned the apps marketers that, if they have reason to believe the background reports they provide are being used for...
The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) have signed an agreement to coordinate efforts to protect consumers and avoid duplication of federal law enforcement and regulatory efforts. “The FTC has always been committed to protecting consumers and...
A payment processor and two of its principals are now banned from using a new payment method to process electronic payments under a settlement with the Federal Trade Commission, which resolves charges that they debited consumers' bank accounts without their consent. The settlement furthers the FTC...
The Federal Trade Commission has charged the operators of a credit repair company with making false statements to credit bureaus about information in consumers’ credit reports, and illegally collecting fees from consumers before performing any services. The action is part of the FTC’s continuing...

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