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Notwithstanding the agreement, complaints of violations from consumers continued. Accordingly, on 3 December 2004, the FTC obtained an injunction against CAMCO and its owners and froze their assets. CAMCO headquarters were shut down by local police officers and representatives from the Federal Trade Commission and the company ceased functioning.
The Fair Debt Collection Practices Act (FDCPA), Pub. L. 95-109; 91 Stat. 874, codified as 15 U.S.C. § 1692 –1692p, approved on September 20, 1977 (and as subsequently amended), is a consumer protection amendment, establishing legal protection from abusive debt collection practices, to the Consumer Credit Protection Act, as Title VIII of that Act.
U.S. state laws on fair debt collection generally fall into two categories: laws which require persons who are collecting debts from consumers to be licensed, registered or bonded in order to collect from consumers in their states, and laws that protect consumers from specific unfair practices by debt collectors, which may include collection agencies and sometimes original creditors. [2]
The Consumer Financial Protection Bureau on Friday ordered Commonwealth Financial Systems, a debt collection agency specializing in medical debt, to shut down as a result of what CFPB determined ...
An organization that specializes in debt collection is known as a collection agency or debt collector. [1] Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed. [ 2 ]
Topping the complaint list were cell-phone companies, with 38,420 complaints, up 41% over 2010. After that, the list includes (in order of number of gripes): new-car dealers
Business Insider examined dozens of federal trade secrets claims filed by companies over the past decade against current and former employees who also had filed a claim against their employer.
The FDCPA is enforced by a variety of federal agencies, primarily the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC). The FDCPA also establishes a private right of action; this allows private individuals who are harmed by unlawful debt collection practices to file lawsuits against the debt collector on their own.