Complaints against debt collectors on rise

Consumer complaints against debt collectors are way up, say government regulators. Last year (2005) consumers filed 66,627 complaints against third-party debt collectors. That compares with 58,698 complaints filed against debt collectors in 2004, according to a new report released by the Federal Trade Commission. The number of complaints against debt collectors reflected 19.1 percent of …

FTC Investigating Sub-Prime Lenders

Wall Street company Bear Stearns & Co. disclosed last month that its loan-servicing company, EMC Mortgage Corp., which collects bills and buys loans from sub-prime lenders, had handed over documents to the FTC. In a regulatory filing, Bear Stearns said the FTC was investigating “various unnamed sub-prime lenders, loan servicers and loan brokers” for possible …

FTC Fines ChoicePoint 15 Million (USD)

WASHINGTON – The Federal Trade Commission (FTC) hit data broker ChoicePoint with a $15 million penalty Thursday for failing to adequately protect the consumer information in its databases. The Atlanta-based ChoicePoint agreed to pay a $10 million fine — the largest in FTC history — and to establish a $5 million consumer restitution fund. “The …

HSBC Debt Collection by Email – FTC Letter

In a formal letter to the Federal Trade Commission (FTC) HSBC addresses debt collection by email: 1441 Schilling Place Salinas, CA 93901 June 27, 2005 “The Commission has also asked whether debt collection e-mails should be considered commercial. We do not believe a debt collection e-mail should be considered a commercial e-mail. A debt collection …

HSBC Merchants in Trouble – Will they sacrifice your credit?

A look back at 2005 shows HSBC Finance Corporation’s merchants for what they really are. Ever wonder why this bumbling group of merchants decided to align their customers with a predatory lender such as Household International? Through questionable credit card processing, first with Household International and now with HSBC Finance Corporation (they are the same …