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Here’s how to find out if a debt collector is legit. Key takeaways. Scammers use texts, calls, emails and letters to create a false sense of urgency about debt repayment.
A consumer inquires about a payday loan or short-term credit online and is asked for a long list of personal information. The lender is a shell firm; the loan might never be made, but the victim's personal information is now in the hands of scammers who sell it to a fraudulent collection agency.
Getting a call from a debt collector is bad enough. Getting a call from a phony debt collector trying to scam you out of money you don't owe can be even worse. The Federal Trade Commission ...
Blaine Tucker committed suicide in 2014, while Joel Tucker received a $4 million civil penalty from the Federal Trade Commission for selling fake payday loan portfolios to debt collectors. [ 17 ] [ 18 ] In July 2020, Joel agreed to plead guilty to interstate transportation of stolen money, bankruptcy fraud and tax evasion.
Which means you could pay the fake debt collector what you actually owe and still be left in debt to the actual company you owe money to. This fairly new problem seems to be growing.
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]
This site makes the fake shopping websites list because it has high-priced items at heavy discounts and unbelievable deals. You might see an offer like “buy 2, get 3 free lounge chairs” which ...
5 ways to deal with debt collectors. If you’re dealing with a third-party debt collector, there are five steps you can take to handle the situation. 1. Be smart about how you communicate.