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Debt Collectors Fined, Told to Back Off

Posted on 05/9/2014 by |Money and Work | Comments

Bulletin Today | Money & SavingsHere’s some good news for people hounded by relentless debt collectors and hauled into court. Two of the nation’s biggest debt collection companies have agreed to stop lawsuits against borrowers and drop collections on some $16 million in judgments. In a settlement with New York authorities, Portfolio Recovery Associates, based in Norfolk, Va., and Sherman Financial Group, based in New York, also agreed to pay fines to settle allegations that they violated state law by pursuing borrowers for debts that …