Category Archives: New York Online Payday Loans

Fake collectors a ‘major issue,’ regulator says

Fake collectors a ‘major issue,’ regulator says

It is bad sufficient being hounded by debt collectors for financial obligation which is yours. Imagine getting phone calls from fake loan companies in Asia whom threaten to possess you arrested for maybe not repaying pay day loans that you don’t owe.

That is exactly what the Federal Trade Commission states has occurred to tens and thousands of US customers — including Marylanders. The FTC claims it is wanting to turn off one such procedure that has gathered a lot more than $5 million from customers in past times couple of years. Nevertheless the agency warns there may be others operating comparable phony collection schemes.

“It’s a problem,” Steven Baker, the FTC’s Midwest director, announced the other day.

Customers have lodged a lot more than 4,000 complaints about fraudulent loan companies because of the FTC in past times couple of years. Maryland’s workplace associated with Commissioner of Financial Regulation, which oversees business collection agencies and lending that is payday states this hasn’t had any complaints involving the procedure during the center regarding the FTC’s situation. Continue reading Fake collectors a ‘major issue,’ regulator says