Monday, February 6, 2012

Debt Collector Ordered to Pay Restitution

Posted By on Mon, Feb 6, 2012 at 10:30 AM

The tables have been turned on a debt collector, who has been ordered to pay $50,000 in restitution to Idaho consumers, following a three-year probe into the collection company's alleged misleading and deceptive practices.

NCO Financial Systems has agreed to set aside $50K for consumers who paid the collector for debts that they did not owe or overpaid interest.

NCO has also agreed to comply with the federal Fair Debt Collection Practices Act, the federal Fair Credit Reporting Act and all applicable Idaho laws. For example, NCO may not:
-collect on settled or discharge debts
-place multiple calls to consumers over a short period of time
-threaten legal action without authority
-use false or misleading representations.

"This settlement is important because it benefits prior, present and future consumers," said Idaho Attorney General Lawrence Wasden, who also announced that his office was reimbursed more than $26,000 by NCO for legal expenses.

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