Blog Posts Tagged with Credit and Finance

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FTC and CFPB host roundtable on data integrity in debt collection

When the topic turns to debt collection, some people assume the only thing that changes hands is money.  But there’s another important consideration:  the life cycle of consumer information as it flows through the debt collection process.  That's the subject of Life of a Debt: Data Integrity in Debt Collection, a June 6, 2013, roundtable co-hosted by the FTC and the Consumer Financial Protection Bureau (CFPB).

Fraud harms 25.6 million people: Anyone you know?

The FTC is always working to know more about the types of fraud being committed and who spends money on them.  Periodically, we survey consumers and ask them to share details about their recent marketplace experiences and a bit about themselves.  Our most recent survey found that nearly 11% of U.S. adults — an estimated 25.6 million people — paid for fraudulent products and services in 2011.

Mo' bill messaging

We can’t figure out why Hollywood hasn’t returned our call, but here's a great idea for an action movie.  FTC attorneys go to court to stop a company from illegally billing people for text message-based subscription services they never asked for and didn’t authorize.  We even have a can’t-miss title:  Crambo.

Shell game?

“Payment processing” used to involve standing in the checkout line and handing the cashier your pennies.  (Remember checkout lines?  Remember cashiers?  Remember pennies?)  In a lawsuit filed in federal court, the FTC alleges that Ideal Financial Solutions and more than a dozen individual and corporate defendants used an “intricate web of concealment” to game the payment processing system in a way that resulted in more than $25 million in unauthorized credit card charges and bank account debits.

Here Comes Money Boo Boo

No, not the cherubic child star on reality TV.  We’re talking about the serious repercussions of American Tax Relief's misleading claims about substantially reducing what consumers owed in taxes — and major mistakes some businesses make when it comes to the financial consequences of deception.  A look at the settlement offers insights into the breadth of remedies available for violations of the FTC Act and related rules.

Room for improve-mint

The Hobby Protection Act is something of a misnomer.  Most hobbies don’t need much by way of protection.  But if you or your clients are involved in the sale of coins or certain collectibles, it’s a law you need to know about.  The FTC’s settlement with the National Collector’s Mint and Avram C. Freedberg alleges violations of the Hobby Protection Act — and also raises interesting issues about how the company’s automated ordering system compounded other deceptive practices challenged in the case.

A piece of advice

You’ve heard the truisms.  Never eat at a place called Mom’s.  Never play cards with a guy named Doc.  We’ve got another one for you:  Think twice before doing business with a company called Legitimate Debt Settlement.

Private eyes: Lessons from the rent-to-own webcam cases

The charges outlined in the FTC’s lawsuits against a software business and seven rent-to-own companies are surprising — and OK, some might say a little creepy.  Software on rented computers gave the companies the ability to hit the kill switch if people were behind on their payments.  But according to the complaints, it also let them collect sensitive personal information, grab screen shots, and take webcam photos of people in their homes.

Plastics, Benjamin

“I just want to say one word to you, Benjamin.  Plastics.”

During the cocktail party scene in the classic movie “The Graduate,” that’s the advice Ben Braddock got for mapping out his future.  It wasn’t such a bad tip after all since so much stuff — including the pocket money we use for day-to-day expenditures — has gone plastic.

Check that check

At the BCP Business Center, we offer tips on how to stay on the right side of the law.  But we also do our best to spread the word about the latest frauds targeting businesses — and this one’s a piece of work.  If your company accepts checks or online payments, you’ll want to be on the look-out for a scam that could leave you with a stack of worthless paper.

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