Bankruptcy protection is made available to consumers who can’t pay their creditors or debts to help resolve the debt burden. One of the major benefits of filing for protection under Chapter 7 is that many creditor actions are stayed or brought to a standstill. This means that any debt collection efforts and foreclosure procedures are halted. Once a creditor or bill collector has been notified that a consumer has filed for bankruptcy protection, the bill collector or collection agency … [Read more...]
Another Debt Collection Scam Comes to an End
February 7, 2010 By Leave a Comment
This is yet another news item on a settlement with the Federal Trade Commission ( FTC ) regarding deceptive and or fraudulent collection practices by a debt collector. This settlement from a debt collection agency was sizeable. In this case, the settlement outcome included leaving the FTC with $1.6 million in recovered funds to distribute to thousands of consumers who were scammed into paying money they did not owe by con artists who threatened, harassed and lied to them. Collection … [Read more...]
Debt Collection News – Debt Collection Supervisors Settle FTC Charges
February 4, 2010 By Leave a Comment
The Federal Trade Commission administer a wide variety of consumer protection laws, engages in law enforcement, and develops policy and research tools to prohibit unfair and deceptive acts or practices against consumers including actions that involve credit reporting agencies, credit repair services and debt collection activities. The FTC produces press releases on action taken against businesses and individuals that fall under the jurisdiction of the FTC. This is a recent press release on … [Read more...]
The Federal Credit Repair Organizations Act – Full Text
February 2, 2010 By Leave a Comment
The Federal Credit Repair Organizations Act prohibits a variety of false and misleading statements, as well as fraud by credit repair organizations. The Federal Trade Commission as well as the individual states, enforces The Federal Credit Repair Organizations Act. The Federal Trade Commission’s Bureau of Consumer Protection works for the consumer to prevent fraud, deception, and unfair business practices in the marketplace. This federal government department protects consumers from … [Read more...]