State AGs Probing Sales of Credit Card Debt

“In a series of articles earlier this year, seven current and former Chase employees told American Banker that the managers of a credit card processing facility in San Antonio ordered its employees to robo-sign affidavits attesting to the accuracy of debts owed by Chase customers. These process failures were material, numerous Chase employees said, because the bank relied on a patchwork of antiquated computer systems that sometimes disagreed about how much customers owed.”

Just because a Debt collector calls and says you owe money, doesn’t mean they know how much. The law requires that they supply a consumer with an accurate accounting of how much they owe in order to collect.

Source: AmericanBanker.com – Sep 17, 2012


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