Experts estimate as many as 15 million U.S. residents have their identities stolen each year, costing Americans an estimated $50 billion. Another 100 million have their personal information placed at risk when it is stolen or lost by the government or other businesses. Unfortunately, identity theft has become one of the most costly and pervasive crimes plaguing U.S. adults.
A bankruptcy judge has fined Bank of America for continuing to pursue collection efforts against a couple who used bankruptcy to discharge their mortgages.
For all those debtors out there struggling to do the right thing, I am glad the Federal Trade Commission (FTC) recently has fined the world’s largest debt collect agency $3.2 million dollars for violations of the Fair Debt Collections Practices Act (FDCPA), but I fear it is really not enough.
2013 is fast approaching, and it is time to take a look at consumer protection for the new year and the problems that might be encountered. Consumer problems are closely associated with consumers facing bankruptcy. In recent months, the Bureau of Consumer Protection (BCP) has begun clamping down on businesses that use unfair business practices against consumers. Continue reading