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Fraud Alert! Beware Of Phony Debt Collections Scams
The Online Lenders Alliance (OLA) is an organization representing the growing industry of U.S. based companies offering online consumer short-term loans, also known as payday loans. The OLA released the following statement. Thoughts, comments and identification of companies you know conducting this type of activity are welcome. Details on how to do this are below.
Consumer Fraud Alert About Fake Debt Collectors In an effort to ensure consumer choice for credit in these difficult economic times, the Online Lenders Alliance (OLA) is issuing this Fraud Alert so that consumers and agencies can be informed about fake debt collection scams. Scam artists pretending to be legitimate debt collectors or law enforcement officials are terrorizing consumers and, in some cases, causing unsuspecting victims to lose thousands of dollars. This tactic is in direct violation of the Fair Debt Collection Practices Act (FDCPA). OLA has been working with Federal, State and local agencies in an attempt to bring these individuals to justice.
Get 100% Online and Secure Payday Loans There is no standard time period to repay a payday loan. It depends on a number of factors, including the lender, the state and local loan laws, the amount borrowed and other factors.
Phony Debt Collectors Victims say that these phony debt collectors are calling people at home and work, threatening them with arrests for debts that are not owed. These individuals generally claim they are working for a U.S. National Bank, Federal Investigation Bureau, United Legal Processing and several other official sounding agencies. They speak with heavy foreign accents and even will claim to be celebrities in some cases. For example, one claimed to be Denzel Washington whereas another claimed to be calling from Steve Martin's office.
These individuals will refuse to give their real names, pertinent company information and valid physical locations of their offices. They also will supply completely bogus rationale for why you have not heard of their divisions within certain companies or government agencies.
The callers claim that the "victim" has defaulted on a loan which the consumer may not have even received or has already paid back. These scammers may have information about you and the area in which you live. The scammers may use abusive language and threaten that if you don't immediately send them money, you will be arrested. Legitimate collections calls do not use threatening language and do not threaten you with arrest.
Actions You Should Take To Protect Yourself If you do receive a suspicious collections call, take the following steps to protect yourself: 1. Ask the debt collector to provide official documentation or information that verifies the debt, including the amounts owed and the dates of the transaction. A validation of debt letter template is available from the DailyDollar library. 2. Never confirm bank account information or other personal information until you have verified that the collector is legitimate and that you have an actual debt outstanding. 3. If you are uncertain or are being threatened with arrest, take down the information and call the company that provided the loan. Do not call the number provided by the "scammers".
Author Resource:-
Nathan Randall, editor, DailyDollar Newsletter provides free daily advice on money matters plus coupons and discount codes. FYI...you can now access the DailyDollar Newsletter via iTunes podcast, YouTube video, and on Facebook and Twitter too.
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The Online Lenders Alliance (OLA) is an organization representing the growing industry of U.S. based companies offering online consumer short-term loans, also known as payday loans. The OLA released the following statement. Thoughts, comments and identification of companies you know conducting this type of activity are welcome. Details on how to do this are below.
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