Debt Collection Firm Agrees To Pay $3.2M
Expert Global Solutions, Inc., a debt-collection firm that’s backed by JP Morgan Chase & Company, has agreed to pay $3.2 million to the Federal Trade Commission (FTC) after a complaint that it was illegally harassing consumers.
It’s the largest FTC fine against a third-party debt collector and comes on the heels of charges that they used tactics like:
– Calling consumers early in the day or late at night
– Calling consumers several times a day
– Calling consumers at their jobs
The FTC also accused Expert Global Solutions, Inc. of calling consumers repeatedly even after consumers denied owing a debt to the company’s clients.
Under terms of the settlement, should a consumer disputes a debt’s validity, the company will need to either stop their collection efforts until a reasonable investigation has been established. The agreement will keep companies from treating consumers in a negative way the FTC has laid out in its charges.
Expert Global Solutions, Inc. spokesman Tom Hoy did not respond to requests for comment. According to the news release from the FTC, the company is considered the world’s biggest debt collection operation.
JPMorgan’s stake in Expert Global is held by the private investment firm One Equity Partners. Expert Global is based in Horsham, Penn. with revenues that total around $2 billion. It employs approximately 40,000 people in 14 countries.
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