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FTC files against CompuCredit, Jefferson Capital concerning credit cards

New Member

FTC files against CompuCredit, Jefferson Capital concerning credit cards

FTC files suit against  CompuCredit & Jefferson Capital
 
 
 
Go for it ! about time... now they need to go after Sherman Finacial, CreditOne Bank, LVNV funding and Resurgent .

The Federal Trade Commission today announced the filing of a lawsuit charging CompuCredit Corporation and its wholly-owned debt collection subsidiary, Jefferson Capital Systems, LLC, with deceptive marketing practices in selling credit cards to consumers in the subprime market.

The FTC’s complaint charges both defendants with violations of the FTC Act and Jefferson Capital with violations of the Fair Debt Collection Practices Act (FDCPA). Today’s action is the result of a coordinated investigation of the defendants’ marketing practices by the FTC and the Federal Deposit Insurance Corporation. In a related action, the FDIC has issued notice of administrative charges against CompuCredit and two banks that issued credit cards marketed by CompuCredit.

“It is important for all consumers – including those in the subprime market – to have access to credit card products. But the marketing of these products must be truthful; it should not – and cannot – be misleading about the true costs and terms of the credit card,” said Lydia Parnes, Director of the FTC’s Bureau of Consumer Protection.

As stated in the FTC’s complaint, CompuCredit markets credit cards, primarily through direct mail solicitations, under various brand names, including Aspire, Aspire A Mas, FreedomCard, Tribute, Imagine, Majestic, Aspen, Emerge and Fingerhut Credit Advantage. These cards generally fit into three categories:

Message 1 of 5
4 REPLIES
Moderator Emeritus

Re: FTC files against CompuCredit, Jefferson Capital concerning credit cards

I just noticed the FTC and FDIC complaint today. I was searching for valid GW addresses for some older lates when I found a link through Columbus, Georgia's BBB which has links to the FTC and FDIC on this complaint.
 
 
 
I better ratchet up the GWs before they go out of business or get sold! 
Message 2 of 5
Frequent Contributor

Re: FTC files against CompuCredit, Jefferson Capital concerning credit cards

This article mentions that the FTC is also going after Jefferson for rate-jacking people based on where they shopped, which I know is something that's been discussed on the forum.
 
Message 3 of 5
Established Member

Re: FTC files against CompuCredit, Jefferson Capital concerning credit cards

What file number did everyone reference in the letter to Midland?

 

Message 4 of 5
Established Member

Re: FTC files against CompuCredit, Jefferson Capital concerning credit cards

Thanks I got it. FTC Case #1:08-cv-01976-BBM-RGV Document 165 Filed 12/19/2008

 

Message 5 of 5