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Unsubstantiated debt portfolio leads collector to $1.85 million penalty
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Case Law, Consumer Protection
Tuesday, December 8, 2015
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A third-party debt seller’s failure to substantiate debt statuses can lead to trouble with the Consumer Financial Protection Bureau. After failing to verify the statuses of debts purchased from AT&T, a debt collector has been found to be in violation of the Dodd-Frank Act’s prohibition of deceptive acts or practices under UDAAP, the Fair Credit Reporting Act and the Fair Debt Collection Practices Act. Read on for more details.
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