World’s Largest Debt Collector To Pay $3.2 Million Penalty For Harassing Consumers

[Cosmos Human]

http://consumerist.com/2013/07/09/worlds-largest-debt-collector-to-pay-3-2-million-penalty-for-harassing-consumers/

 

Thank you Consumerist!

Just a few paragraphs:

 

The company will pay $3.2 million to settle these charges, the FTC’s
largest ever action against a third-party debt collector. Of course,
when you consider that Expert Global took in at least $1.2 billion last
year, the penalty is a pittance.

There are of course non-financial stipulations to the settlement.
Expert Global must stop violating the Fair Debt Collection Practices Act
and the FTC Act by falsely representing that it will not call a number
to collect a debt, or by harassing, oppressing, or abusing a consumer
while attempting to collect a debt.

Starting one year after the settlement goes into effect, the company
must also record at least 75% of its debt collection calls and retain
the recordings for 90 days after they are made.

Additionally, if a consumer disputes the validity or the amount of an
alleged debt, Expert Global must either close the account and end
collection efforts, or suspend collection until it has conducted an
investigation and verified that its information about the debt is
accurate

Edited July 9, 2013 by Cosmos Human

[credithis]

Actually since they own NCO the amount paid considering NCO's fine a few years ago would be bigger.