CFPB and New York AG Shutter Abusive Collection Ring

Collectors used social media to smear consumers and threaten with imprisonment

On Monday, the Consumer Financial Protection Bureau (CFPB) and the New York Attorney reported that they have shut down a number of debt collection firms for using illegal techniques against debtors since 2015. These companies engaged in what one debtor complained to be “emotional terrorism,” by calling friends, family members and employers to put pressure on them to pay debts, according to a 202 lawsuit settled this week for $4 million.

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CFPB and New York AG Shutter Abusive Collection Ring – CFPB – Fair Debt Collection Practices Act – FDCPA