Tuesday, April 06, 2004

Bottom Feeders Settle FTC Charges

In the FDCPA consumer bar, debt collection companies that buy charged off debt are called "bottom feeders". They are notorious for threatening suit and negative credit reporting in cases where suits are barred by the statute of limitations and credit reporting is barred by the Fair Credit Reporting Act. Two of the biggest buyers of charged off debt just settled with the FTC, Camco and AM Financial.

They'll be back in one form or another.

Debt Buyer/Debt Collection Companies and Their Principals Settle FTC Charges
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