Debt buyers fined for using misleading practices to collect payments

[mato01]

The nation’s two largest debt buyers purchased some debts they couldn’t completely verify and then misled consumers during efforts to collect payments......

The article states that Portfolio Recovery Associates has been ordered to stop collecting on debts.

http://www.washingtonpost.com/news/get-there/wp/2015/09/09/debt-buyers-fined-for-using-misleading-pr...

[Anonymous]

Very good, thanks for finding it.

Happy they are forced to follow rules and the law.

[Anonymous]

I saw this too.. Hopefully this helps the people that were misled..

[Pineknot69]

I am thrilled to hear this. They really deserve it because they figure most people have no idea what their rights are so they simply ignored the law. 

[Infiniti515]

I just read an article that these 2 debt collectors will have to refund 60 million! to cudtomers!!!! I had an account with portfolio recovery and I know first hand the games they played. Im so glad the CFPB listened and took action!!!!

[CJ7]

Just saw this on CNN.  And let's not forget Encore Capital (Midland).

This ruling would potentially affect thousands here that have paid them money

or have a judgement entered.  The ruling forces them to vacate all the default judgements.

[jmr79x]

So what will this do to anyone they are trying to collect on or have default judgments on? I am one of them

[NichelleN]

Here's a link:

http://www.stltoday.com/business/credit/of-america-s-largest-debt-collectors-will-refund-million-to/...

http://www.nytimes.com/2015/09/10/your-money/debt-collectors-to-pay-61-million-in-consumer-refunds-a...

[CJ7]

Links at the bottom of the page to the orders set forth by CPFB with respect to Encore and PRA:

http://www.consumerfinance.gov/newsroom/cfpb-takes-action-against-the-two-largest-debt-buyers-for-us...

Very long read.  Somewhere in there are orders for them to vacate default judgements.

It should be noted that Encore is MIDLAND.

[Anonymous]

I am also one of these, for both Midland and PRA. how will we know if we will recieve refund, if judgment will be removed from credit report, or if they will stop collecting on accounts???

& this is just funny....

http://www.encorecapital.com/?press-release=encore-enters-settlement-agreement-with-consumer-financi...