Banking
Jan. 26, 2012
Why SB 890 is good for consumers, creditors and the courts
The Fair Debt Buyers Practices Act offers protection from unscrupulous third-party debt collectors. By Elisa Della-Piana, Ted Mermin and Jeffrey Selbin
One day last May, a man we'll call Lou received notice that his wages were being garnished because he owed about $4,000 on an old Sears account. A couple of years earlier, when Sears was unable to collect from Lou, it sold the account to a debt buyer that pursues delinquent borrowers. When the debt buyer was unsuccessful in getting Lou to pay up, it hired the Brachfeld Law Group, one of the nation's bigg...
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