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Foreign Fake Debt Collectors Target U.S. Consumers

Real debt collectors are bad enough.  They ring your phone all day and most are extremely unpleasant to deal with.  Now we find out that there are fake debt collectors who are trying to squeeze victims out of their hard earned money.The Wall Street Journal recently reported that United States Federal authorities have cracked down on a phone scam where Indian call centers were used to swindle millions of dollars out of Americans.  The Journal reports that these fake debt collectors harassed Americans with threats of arrest, job loss and/or collection lawsuits.  What really shocks me is that they allegedly...

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Asset Acceptance Gets Slapped With a 2.5 Million Dollar Fine By The FTC

Asset Acceptance was recently fined $2.5 million dollars because of their collection practices (click here to read an article in Business Week about this topic).  To the normal person, $2.5 million dollars is a tremendous amount of money but to a company that takes in over $100 million per year, this is just a small transaction cost.Under an agreement with the Federal Trade Commission, Asset Acceptance will  now stop threatening to file lawsuits against consumers who have debts that have expired under state statutes of limitations.  In Georgia, if your debt is more than six years old and a creditor...

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