Article on Yahoo News :
http://finance.yahoo.com/news/the-7-worst-per ... -173006792.htmlThese companies seriously failed their customers in 2015
Yahoo Finance By Mandi Woodruff
December 29, 2015 12:30 PM
The Consumer Financial Protection Bureau (and state attorney generals) :
=== JPMorgan Chase was ordered to pay over $200 million in restitution and fines for selling bad credit card debts and robo-signing court documents
It’s routine for big banks to sell bad debts (typically those that have been seriously delinquent for months) to third-party debt buyers at a steep discount. But JPMorgan Chase (JPM) got in hot water with the CFPB and attorneys general in 47 states in July after revelations that the company had sold bad debts to buyers. For example, some debts had actually been settled already, or had been proven by the customer to be fraudulent. JPMorgan also sold debts that contained incorrect balances and other accounts that belonged to deceased borrowers. Even though it was the third-party collectors going after borrowers for bad debts (often through litigation), JPMorgan was on the hook because it knowingly sold the bad debts in the first place, the CFPB alleged. Of the $200 million JPM was ordered to pay, $50 million was earmarked for customer refunds.
=== PayPal misled customers into signing up for lines of credit they never wanted
In May, PayPal (PYPL) was ordered to refund $15 million to customers and pay a $10 million fine after the CFPB found the company had illegally signed people up for unwanted credit. Many who thought they were signing up for regular PayPal accounts unwittingly registered for lines of credit through the company’s lending arm, according to the CFPB. Some people only found out when they started getting debt collection notices for past due amounts or found evidence of the new account on their credit report.
=== If you want to file a complaint with the CFPB, submit one here >
http://www.consumerfinance.gov/complaint/
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