Being harassed by your auto lender with debt-collection calls? The Federal Trade Commission recently fined Expert Global Solutions $3.2 million for repeatedly calling consumers at work.
The fine is a clear warning to auto lenders and other groups that the U.S. government will not tolerate violations to the Fair Debt Collection Practices Act. According to Richard Cordray, U.S. Consumer Financial Protection Bureau (CFPB) Director, “unfair, deceptive, or abusive practices are illegal.” In other words, be aware that if you’re continually being harassed, it could be illegal.
CFPB plans to start compiling consumer complaints about debt collection, which will include complaints related to auto loans. Expert Global Solutions was cited for repeatedly calling consumers at work despite the employer stating that the company doesn’t allow such calls. The U.S. Consumer Financial Protection Bureau is also weighing in on the case and the debt collection practices that were used by Expert Global Solutions.
[Source: Automotive News]