Fake Debts Spreading Among CRAs

Fake Debts Speading

The Federal Trade Commission is targeting fake debts and recently took action against a Missouri collection company and its owners, alleging that they collected more than $24 million from consumers, largely by placing “bogus or highly questionable” debts on their credit reports. In debt parking cases, collectors don’t contact the consumer before reporting the debt to credit bureaus. That means people learn about the debt only when it is flagged as they are applying for a mortgage or a car loan or even a job. Because they don’t want to lose the loan or the job offer, consumers may feel pressured to pay off the “bad” debt or fake debt quickly.

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