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PRA Group, Inc. is a publicly-traded debt buyer and debt collection company based in Norfolk, Virginia. The company buys delinquent consumer debt from credit card issuers and other financial institutions at a discount and pursues collection of the full debt owed. Founded in 1996, PRA Group employs more than 3200 people in 18 countries. [2] [3]
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]
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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.
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 ...
As part of its effort to crack down on scams that target Americans in financial distress, the Federal Trade Commission has sued more than 30 debt collection companies. On Wednesday, another ...
The Fair Debt Collection Practices Act (FDCPA), Pub. L. 95-109; 91 Stat. 874, codified as 15 U.S.C. § 1692 –1692p, approved on September 20, 1977 (and as subsequently amended), is a consumer protection amendment, establishing legal protection from abusive debt collection practices, to the Consumer Credit Protection Act, as Title VIII of that Act.
These practices violated the Fair Debt Collection Practices Act, the Truth in Lending Act, and the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act. [7] Hankey is the Chairman of Hankey Capital, a private lender originating bridge debt secured by commercial real estate located in California between $10 and $500 million.