Consumers Will Get $60 Million in Refunds From Debt Collectors 9-12-2015
Two of the nation’s largest debt collectors must refund nearly $60 million to consumers and stop trying to collect on another $128 million in debts, after an action filed by federal regulators Wednesday. San Diego-based Encore Capital Group and Virginia-based Portfolio Recovery Associates are accused of pressuring consumers with false statements and churning out lawsuits using robo-signed court documents by the Consumer Financial Protection Bureau. The two firms and their affiliates purchased a mammoth amount of debt resulting from unpaid bills — together, more than $200 billion in defaulted consumer debts on credit cards, phone bills and other accounts, according to the CFPB. Encore and Portfolio purchase the right to collect on the debts for pennies on the dollar, then attempt to collect the original amount from consumers... Read More at Time Money
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