For Immediate Release
Media Contact: Bob Cooper
Date: February 6, 2012
Attorney General Wasden Joins Multistate Settlement with Debt Collector
(Boise) - Debt collector NCO Financial Systems, Inc. (NCOF) has agreed to pay $50,000 in restitution for Idaho consumers and to change certain collections practices, Attorney General Lawrence Wasden said. Wasden’s office and 18 other states participated in a three-year multistate investigation of allegations of misleading and deceptive debt collection practices by NCOF.
“This settlement is important because it benefits prior, present and future consumers,” Wasden said. “It provides for a restitution fund to assist damaged consumers, while also protecting current and future consumers from potential debt collection abuses.”
The settlement agreement requires NCOF to set aside $50,000 in restitution for Idaho consumers. Restitution will be available for three years after the settlement’s effective date for consumers who:
Wasden encourages Idaho consumers who believe they have a valid claim to file a complaint with his Consumer Protection Division. Valid claims will be submitted by the Consumer Protection Division to NCOF for refunds.
NCOF also agreed to comply with the federal Fair Debt Collection Practices Act, the federal Fair Credit Reporting Act and all applicable Idaho laws. For example, NCOF may not:
In addition, the settlement requires NCOF to monitor compliance of its representatives and independent contractors, create written policies and procedures for handling consumer complaints and submit compliance reports to the Attorney General.
NCOF paid $26,562.50 to the Attorney General’s Office to reimburse the state of Idaho for its expenses incurred during the investigation.
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