Being in debt is bad enough, but when there are greedy companies out there actively violating U.S. federal law, committing fraud in an attempt to get money out of people who are already struggling, well, that is an OUTRAGE!
I expose the 10 worst companies for illegal debt collection practices below, as per complaints received and recorded by the CFPB (Consumer Finance Protection Bureau), a federal agency set up to protect United States citizens.
But first, let me tell you what’s coming soon! In response to the many questions from new credit repair businesses and people who want to start a business, I have created a brand new, unique package of letters for disputes and challenges. The letters that go with the book are copyright protected and are for personal use only. A business would need something different and more unique. I am putting the finishing touches on these super dynamic letters now, and they will soon be released for purchase.
Back to law violators! Look to see if you recognize any of these companies on the Hall of Shame for Debt Collectors:
- Encore Capital Group
The CFPB ordered Encore to pay $42 million to repay customers, plus a $10 million penalty, and to stop collections on $125 million worth of debt.
2. Enhanced Recovery (ERC)
3. Portfolio Recovery Associates
4. Convergent Resources
5. Transworld Systems
6. Diversified Consultants
7. AFNI /Anderson Financial Network (Specialize in working with cell phone and direct TV providers)
8. Citibank, N.A.
9. Resurgent Capital Services
10. Synchrony Financial
Thank you to RewardExpert for compiling this list. You can read their report here.
If you receive a phone call from one of these companies for a past due debt, immediately ask for their contact information (name and mailing address), then ask them to contact you by mail only. DO NOT DEMAND CEASE AND DESIST ALL CONTACT, because that gives them no recourse except to sue you in a court of law. Do not set yourself up for a lawsuit!
There is a lot of bad “info” on the Internet, such as telling people to send a Cease and Desist Letter. Next thing they know, they have been slapped with a lawsuit. Pick up a copy of Repair Your Credit Like the Pros: How credit attorneys and certified consultants legally delete bad credit and restore your good name here for the proper way to handle debts.