Monterey Financial Services: What CFPB Complaints Reveal

Recent CFPB complaints against Monterey Financial Services LLC share a consistent theme: consumers allege the company is attempting to collect debts they do not owe and failing to provide proper validation. This comes shortly after the New York Attorney General forced Monterey to cancel $2.4 million in predatory debt. Here is what consumers need to know about their rights.

FTC 2010 Report: Debt Collection #1 Consumer Complaint Category

Quick Answer: FTC records show debt collection generated more consumer complaints than any other industry in 2010, with 33,122 complaints about collectors demanding larger payments than legally permitted. The most common violation involves misrepresenting debt amounts through illegal fees or pursuing discharged debts.FTC Report on Debt Collection ComplaintsFrom DebtCollectionAnswers.comWith the credit crunch in full swing, …

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