NCO Financial Systems Complaint - Total disregard to FCRA
HORSHAM, PENNSYLVANIA -- In 2004 NCO Financial Systems was sued by the FTC for gross violations of the FCRA (Fair Credit Reporting Act) the violations were so numerous that the FTC raised the penalty from $1,000 per violation to $2,500 per violation. The resulting judgment was that of $1,500,000, they also had to enter into a consent decree which they continue to violate to this day. I have counted 36 FCRA violations on my credit report. I will be filing civil suit for $90,000 in statutory damages plus punitive damages. I expect a judgment of at least $120,000 which my attorney says is quite reasonable. Unfortunately this will be only a small dent in this company as they have at least 5 offices and each office rakes in roughly $2,000,000 per month. They are one of (if not the) largest debt buyers in the United States.
These fines are merely costs of business. I am going to also propose a audit by the FTC of their records reported to consumer credit reporting agencies. Hopefully in the aftermath of this audit they will have to pay restitution to all the consumers they have victimized.