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The Consumer Financial Protection Bureau (CFPB) on Tuesday issued a consumer advisory to combat families being targeted by “illegal medical debt collection tactics.” The CFPB’s cited tactics ...
Around 100 million Americans currently owe $220 billion in medical debt, according to the U.S. Consumer Financial Protection Bureau, which issued legal guidance on what it said were illegal debt ...
The Consumer Financial Protection Bureau on Friday ordered Commonwealth Financial Systems, a debt collection agency specializing in medical debt, to shut down as a result of what CFPB determined ...
In March 2023, PRA was fined $24 million for continued illegal debt collection practices and consumer reporting violations. The director of the agency stated that following the 2015 action, PRA continued "violating the law through intimidation, deception, and illegal debt collection tactics and lawsuits."
A loan shark is a person who offers loans at extremely high or illegal interest rates, has strict terms of collection, and generally operates outside the law, often using the threat of violence or other illegal, aggressive, and extortionate actions when seeking to enforce the satisfaction of the debt. [1]
In 2012, Silver-Greenberg was nominated for the Pulitzer Prize for National Reporting for her Wall Street Journal investigation on the U.S. debt collection industry. The Pulitzer citation highlights "her compelling examination of aggressive debt collectors whose often questionable tactics, profitable but largely unseen by the public, vexed borrowers hard hit by the nation's financial crisis".
Yet, the latest news came after the market closed for the day, as the California Attorney General sued the banking giant over allegations of illegal debt-collection tactics from more than 100,000 ...
According to a 2015 consent decree filed by the CFPB against Westlake and its affiliate Wilshire, the CFPB found that Westlake and Wilshire pressured borrowers using illegal debt collection practices.