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FTC Announces Settlement with World’s Largest Debt Collector

FTC Announces Settlement with World’s Largest Debt Collector - The Beacon

07-2013

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By: Jason

FTC Announces Settlement with World’s Largest Debt Collector

The Federal Trade Commission announced on July 9th that it reached a settlement with Expert Global Solutions and its subsidiaries which, according to the release, form the world’s largest third-party debt collector. According to the FTC the settlement includes an agreement by Expert Global to pay $3.2 million in penalties and change its collection practices. The FTC alleges that Expert Global and its subsidiaries (ALW Sourcing, LLC; NCO Financial Systems, Inc.; and Transworld Systems, Inc., aka North Shore Agency, Inc.) violated the Fair Debt Collection Practices Act. To see details of the allegations and the settlement terms click here.

The Fair Debt Collection Practices Act is meant to protect consumers from harassment by entities that collect debt. The act includes limits on how often and what time of day a collections agency can call a debtor and what a collector can actually do to a debtor. The act also provides requirement for validating a debt that is being collected. For more information on the details of the Fair Debt Collection Practices Act and the protection that it offers click here to see the FTC information.

If you are experiencing a problem with a collections agency you can file a complaint with the FTC and the Better Business Bureau where the business is located. Visit www.evansville.bbb.org for more consumer tips and business reviews.

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Jason

Jason was the Manager of Dispute Resolution Services with the BBB and primary handled consumer complaints. He also assisted consumers with business inquiries. He was a regular contributor to the blog.