Debt collection

The Federal Trade Commission has brought a legal action against an online operation that allegedly scammed more than $450 million from consumers in five countries.

Fraud comes in many forms, with many faces and isn’t always what it seems. Almost every day you read about the latest card skimming scams at gas stations and stolen identity horror stories.

The Federal Trade Commission has mailed 1,410 refund checks totaling an estimated $2.3 million to consumers allegedly defrauded by Home Assure LLC, a so-called mortgage foreclosure rescue service.

The Federal Trade Commission has charged two men and their companies with billing consumers without their consent, and not providing promised refunds, in violation of federal law.

An estimated 515 different collection agencies and creditors were sued between March 16-31, the highest half-month period thus far in 2011 and up from 417 sued between March 1-15, according to data from U.S. District Courts.

Two companies and three individuals are banned from the mortgage-relief services business and must relinquish $2.2 million in assets for consumer refunds, according to a settlement reached with the Federal Trade Commission.

An estimated 417 different collection agencies and creditors were sued between March 1-15, down from 444 in the Feb. 1-15 period, according to data from U.S. District Courts.

Minnesota Attorney General Lori Swanson alleged in a legal action filed Monday that Midland Funding LLC defrauded consumers and the courts by filing false "robo-signed" affidavits to try to prove that consumers owed debts.

In at least one important respect, the term "collections" is a bit of a misnomer.

The operator of a defunct money-making scam has agreed to settle a federal court judgment the Federal Trade Commission obtained against him in 2007 for falsely claiming his “wealth building” program would teach consumers how to make substantial income in a short time by buying and selling privately held mortgages.

The Federal Trade Commission said Monday it has issued its 33rd annual report to Congress describing the agency’s law enforcement and other efforts to protect consumers from unfair, deceptive and abusive debt collection practices.

Encore Capital Group Inc., a consumer debt buyer, unveiled Monday a "Consumer Bill of Rights" - a document to "codify the company's commitment to conduct business ethically, engage in respectful and constructive dialogue with consumers, and play a positive role in consumers' financial recovery."

West Asset Management Inc., the debt collection unit of West Corp., has agreed to pay $2.8 million to settle charges it used aggressive collection methods that violated federal law, according to the Federal Trade Commission. The civil penalty is the largest obtained by the FTC in a collection case.

A proposed rule by the Federal Communications Commission to restrict debt collectors’ ability to autodial cell phones could lead to the unintended impact of making credit costlier and harder to get for younger and more mobile customers.

Checking accounts have long been the core product for bank customers. Times may be changing. The newest banking regulations are pushing banks toward charging fees for services that used to be free and cutting rewards programs in order to recoup their losses.

Credit card debt among consumers with at least one account dropped 15% nationally in February to $7,168, with every state lowering its credit card debt, according to CreditKarma.com, a San Francisco-based company that tracks credit scores and household debt.

If you are a business owner you know that you sometimes have customers that owe you money and you may struggle with trying to collect that money.

For the 11th consecutive year, identity theft topped the Federal Trade Commission's annual list of consumer complaints. Debt collection ranked second in 2010.

An estimated 444 collection agencies and creditors were sued between Feb. 1-15, a slight uptick from 440 in the second half of January, according to data from U.S. District Courts.

The Federal Trade Commission is mailing 1,455 refund checks to consumers defrauded by a mortgage loan modification and foreclosure rescue scam.