The Government is cracking down on abusive debt collectors, starting with a record-breaking penalty to the biggest debt collection company in the world. The Federal Trade Commission (FTC) fined Expert Global Solutions 3.2 million dollars for breaking multiple rules under the Fair Debt Collection Practices Act.
According to the complaint, Expert Global Solutions and its subsidiaries called consumers repeatedly at all hours, ignored requests for them to stop, and didn't verify debts as required by law.
If you’ve ever had to deal with debt collectors, you probably already know it can be a stressful and unpleasant experience. While the laws in the Fair Debt Collection Act are designed to protect you from abusive practices, not all collectors follow these rules.
When it comes to dealing with debt collectors, knowing your rights can protect you from abusive practices. According to the law, it is illegal for debt collectors to:
Additionally, when first contacting you about a debt (or within five days of making first contact), the debt collector must tell you how much you owe, the name of the original creditor, and what to do if you want to dispute the debt.
If you get a call from a debt collector demanding money, don’t panic. Here’s what you can do:
If it weren’t for complaints filed by consumers and the FTC’s penalty, these abusive debt collections would have continued.