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Economy
In reply to the discussion: STOCK MARKET WATCH - Wednesday, 1 February 2012 [View all]Demeter
(85,373 posts)14. U.S. Gets Tougher on Debt Collecting COLLECTION AGENCIES
http://online.wsj.com/article/SB10001424052970203920204577193283804868986.html?mod=WSJ_hp_LEFTTopStories
The Federal Trade Commission intensified its crackdown on the booming debt-collection industry, announcing a $2.5 million settlement with a company for allegedly coercing borrowers into paying debts they no longer legally owed.
The settlement with Asset Acceptance Capital Corp., one of the nation's largest buyers of soured consumer debts, is the second-biggest penalty ever levied by the FTC against a debt collector. Officials said they are investigating other companies for alleged violations of federal law and expect to announce more enforcement actions soon.
"More cases are on the way," said Tony West, an assistant attorney general in the Justice Department...
The Federal Trade Commission intensified its crackdown on the booming debt-collection industry, announcing a $2.5 million settlement with a company for allegedly coercing borrowers into paying debts they no longer legally owed.
The settlement with Asset Acceptance Capital Corp., one of the nation's largest buyers of soured consumer debts, is the second-biggest penalty ever levied by the FTC against a debt collector. Officials said they are investigating other companies for alleged violations of federal law and expect to announce more enforcement actions soon.
"More cases are on the way," said Tony West, an assistant attorney general in the Justice Department...
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