After a lengthy investigation by the Federal Trade Commission (FTC) into the practices of debt buyer Asset Acceptance Capital Corp, the debt collection agency has agreed to pay a $2.5 million penalty. The penalty comes after the FTC charged the company with making misrepresentations during attempted debt collection to coerce consumers into paying debts quickly. Beyond the monetary penalty, the settlement also requires that if a consumer disputes the debt or before the buyer places the debt on a credit report, the buyer must investigate and ensure that it has a rightful claim to the debt in question. Additionally, the company cannot place a debt on the consumer’s credit report without first notifying the consumer about his or her negative credit report. Under the Fair Debt Collection Practices Act (FDCPA) and the Dodd-Frank Wall Street Reform and Consumer Protection Act, the FTC and the Consumer Financial Protection Bureau (CFPB) have law enforcement authority in the area of debt collection and can supervise and enforce compliance with the rules. Additionally, the CFPB can prohibit any debt collection action that it considers deceptive, unfair, or abusive. If you have been targeted by a debt collection agency using unfair debt collection practices, you have the right to seek protection. Los Angeles fair debt collection attorney Howard D. Silver has the skills needed to help. For more information, call (855) 341-2611 for a free consultation about your case.
Debt Collectors Asset Acceptance Capital Corp to Pay $2.5 Million Fine for Unfair Practices
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