Showing posts with label ftc. Show all posts
Showing posts with label ftc. Show all posts
Sunday, November 25, 2012
Harassing calls can be reported
Question: I’ve been registered on the Do Not Call list for years but still get repeated telemarketing calls every month — many from the same companies. When I try to have my number deleted by pressing a suggested button, I only get more calls. Where can I report this harassment?
—Nancy Halvorson,
Phoenix
Answer: I get this question often, and my answer always disappoints readers.
The Do Not Call Registry is managed by the Federal Trade Commission. If you’re receiving harassing calls from telemarketers, you can file a complaint with the FTC at donotcall.gov. The FTC says it will investigate these complaints and punish offenders. Until they’re caught, some disreputable companies will continue to ring your phone off the hook. But the truth is: They may never be caught.
Don’t bother filing complaints against charities, political groups, pollsters and companies conducting surveys. These groups are exempt from the registry and can call you as much as they choose.
By Dave Cherry 12 News Mon Nov 19, 2012
Harassing calls can be reported
Thursday, July 21, 2011
FTC paying nearly $108M to Countrywide borrowers
WASHINGTON - Hundreds of thousands of homeowners who took out mortgages with Countrywide Financial Corp. will soon receive their slice of a $108 million settlement over claims that the lender charged outsized fees to borrowers facing foreclosure.
The Federal Trade Commission said Wednesday that it will mail refund checks to 450,177 borrowers starting Thursday.
The action is part of a settlement agreement the agency reached last year with Bank of America Corp., which acquired Countrywide in 2008.
The FTC claimed Countrywide hit borrowers who were behind on their mortgages with fees of several thousand dollars at times. The fees were for such services as property inspections and landscaping that far exceeded market rates. Countrywide created subsidiaries to hire vendors, which marked up the price for such services, the agency said.
In addition, the FTC accused Countrywide of making false claims to some borrowers about how much they owed on their mortgage or the status of their loan, and claimed the lender added fees and other charges to borrowers' mortgage accounts without notice.
The allegations that led to the settlement took place before Bank of America acquired Countrywide.
At the time of the settlement, the FTC estimated Countrywide had overcharged around 200,000 homeowners, but that figure was later revised to more than 450,000 after the agency reviewed the lender's files.
"What we discovered after digging through the records is there were more people who have been subject to these overcharges than we had anticipated, but the amounts they had been overcharged were sufficiently small that everyone could be compensated without exhausting the $108,000," said Tom Pahl, assistant director at the FTC's division of financial practices.
About 347,000 borrowers who overpaid loan default fees will be fully reimbursed, Pahl said.
A group of another 102,000 borrowers who filed for Chapter 13 bankruptcy protection will split what's left of the settlement equally. A subset of that group who were slapped with hidden fees that the FTC was able to confirm also will see those fees fully refunded, Pahl said.
The refunds will be distributed to consumers whose loans were serviced by Countrywide between Jan. 1, 2005, and July 1, 2008, and who were subject to the company's allegedly unlawful practices, the FTC said.
The amount of each refund check will vary from less than $500 to several thousand dollars. Borrowers who receive a refund check should cash them by Sept. 19, the agency said.
The FTC is charged with enforcing federal laws designed to prevent abuses by companies that collect consumers' debts. That's because mortgage-collection activities are typically handled outside the oversight of federal banking regulators.
Associated Press Jul. 20, 2011 12:27 PM
FTC paying nearly $108M to Countrywide borrowers
The Federal Trade Commission said Wednesday that it will mail refund checks to 450,177 borrowers starting Thursday.
The action is part of a settlement agreement the agency reached last year with Bank of America Corp., which acquired Countrywide in 2008.
The FTC claimed Countrywide hit borrowers who were behind on their mortgages with fees of several thousand dollars at times. The fees were for such services as property inspections and landscaping that far exceeded market rates. Countrywide created subsidiaries to hire vendors, which marked up the price for such services, the agency said.
In addition, the FTC accused Countrywide of making false claims to some borrowers about how much they owed on their mortgage or the status of their loan, and claimed the lender added fees and other charges to borrowers' mortgage accounts without notice.
The allegations that led to the settlement took place before Bank of America acquired Countrywide.
At the time of the settlement, the FTC estimated Countrywide had overcharged around 200,000 homeowners, but that figure was later revised to more than 450,000 after the agency reviewed the lender's files.
"What we discovered after digging through the records is there were more people who have been subject to these overcharges than we had anticipated, but the amounts they had been overcharged were sufficiently small that everyone could be compensated without exhausting the $108,000," said Tom Pahl, assistant director at the FTC's division of financial practices.
About 347,000 borrowers who overpaid loan default fees will be fully reimbursed, Pahl said.
A group of another 102,000 borrowers who filed for Chapter 13 bankruptcy protection will split what's left of the settlement equally. A subset of that group who were slapped with hidden fees that the FTC was able to confirm also will see those fees fully refunded, Pahl said.
The refunds will be distributed to consumers whose loans were serviced by Countrywide between Jan. 1, 2005, and July 1, 2008, and who were subject to the company's allegedly unlawful practices, the FTC said.
The amount of each refund check will vary from less than $500 to several thousand dollars. Borrowers who receive a refund check should cash them by Sept. 19, the agency said.
The FTC is charged with enforcing federal laws designed to prevent abuses by companies that collect consumers' debts. That's because mortgage-collection activities are typically handled outside the oversight of federal banking regulators.
Associated Press Jul. 20, 2011 12:27 PM
FTC paying nearly $108M to Countrywide borrowers
Saturday, November 20, 2010
Refunds mailed to LifeLock customers
The Federal Trade Commission this week began mailing $10.87 refund checks to the nearly 1 million victims of false-advertising claims made by Tempe-based LifeLock Inc.
The checks will go to 957,928 people over the next two weeks. Recipients have 60 days to cash them, the FTC said.
The settlement comes after LifeLock told consumers it could provide absolute protection from identity theft if they signed up for its identity-protection service, the FTC said. Customers pay $10 to $15 a month.
In March, officials announced LifeLock agreed to pay $11 million to the FTC and $1 million to 35 state attorneys general, including Arizona's, to settle charges the company used false claims to promote its identity-theft-protection services. The money awarded to states went to cover investigative costs.
LifeLock's services were advertised widely in TV commercials, billboards and on sides of trucks featuring company Chairman and CEO Todd Davis' Social Security number.
The FTC charged that LifeLock provided less protection against identity theft than promised and made claims about its data security that were not true.
Davis denied the company misled customers at the time of the settlement. He also said it likely wouldn't have much of an impact on business because it already altered much of its advertising and practices.
"We still stand by our previous comments about this redress situation," said Mike Prusinski, senior vice president of corporate communications, on Friday. "We have developed a very good working relationship with the FTC and now the entire industry is being held to a higher standard, which we applaud."
All eligible consumers will receive checks and no further claims will be accepted, the FTC said. Consumers with questions may call 1-888-288-0783 or visit ftc.gov/refunds.
by John Yantis The Arizona Republic Nov. 20, 2010 12:00 AM
Refunds mailed to LifeLock customers
The checks will go to 957,928 people over the next two weeks. Recipients have 60 days to cash them, the FTC said.
The settlement comes after LifeLock told consumers it could provide absolute protection from identity theft if they signed up for its identity-protection service, the FTC said. Customers pay $10 to $15 a month.
In March, officials announced LifeLock agreed to pay $11 million to the FTC and $1 million to 35 state attorneys general, including Arizona's, to settle charges the company used false claims to promote its identity-theft-protection services. The money awarded to states went to cover investigative costs.
LifeLock's services were advertised widely in TV commercials, billboards and on sides of trucks featuring company Chairman and CEO Todd Davis' Social Security number.
The FTC charged that LifeLock provided less protection against identity theft than promised and made claims about its data security that were not true.
Davis denied the company misled customers at the time of the settlement. He also said it likely wouldn't have much of an impact on business because it already altered much of its advertising and practices.
"We still stand by our previous comments about this redress situation," said Mike Prusinski, senior vice president of corporate communications, on Friday. "We have developed a very good working relationship with the FTC and now the entire industry is being held to a higher standard, which we applaud."
All eligible consumers will receive checks and no further claims will be accepted, the FTC said. Consumers with questions may call 1-888-288-0783 or visit ftc.gov/refunds.
by John Yantis The Arizona Republic Nov. 20, 2010 12:00 AM
Refunds mailed to LifeLock customers
Monday, June 14, 2010
Bank of America to Repay $108 Million to Bilked Countrywide Borrowers - DailyFinance
By MATTHEW SCOTT DailyFinance June 7, 2010
Bank of America agreed on Monday to repay $108 million to 200,000 struggling homeowners who were overcharged fees by Countrywide mortgage services companies prior to 2008. Bank of America acquired Countrywide in July 2008.
According to a complaint filed by the Federal Trade Commission, Countrywide created subsidiaries that it used to collect excessive fees from homeowners who had fallen behind with their payments -- sometimes marking up charges for inspections, landscaping and other services meant to protect the value of the homes by 100%.
Countrywide is also accused of not informing homeowners who had filed bankruptcy to save their homes that hundreds or thousands of dollars in additional fees and escrow charges had been added to their mortgages. Once the bankruptcy cases were completed, Countrywide would attempt to collect the additional charges, even if it meant forcing homeowners into foreclosure. As many as 200,000 borrowers were affected.
By setting up subsidiaries to handle services that were needed as millions of homeowners fell victim to the housing crisis, Countrywide was able to increase its revenues substantially by essentially paying itself to administer default-related services to the customers it had sold sub-prime loans to.
"To have a major loan servicer like Countrywide piling on illegal and excessive fees is indefensible," said FTC Chairman Jon Leibowitz in a press release.
The settlement requires Countrywide to pay $108 million, which will be refunded to the homeowners Countrywide overcharged before July 2008.
Bank of America to Repay $108 Million to Bilked Countrywide Borrowers - DailyFinance
Bank of America agreed on Monday to repay $108 million to 200,000 struggling homeowners who were overcharged fees by Countrywide mortgage services companies prior to 2008. Bank of America acquired Countrywide in July 2008.
According to a complaint filed by the Federal Trade Commission, Countrywide created subsidiaries that it used to collect excessive fees from homeowners who had fallen behind with their payments -- sometimes marking up charges for inspections, landscaping and other services meant to protect the value of the homes by 100%.
Countrywide is also accused of not informing homeowners who had filed bankruptcy to save their homes that hundreds or thousands of dollars in additional fees and escrow charges had been added to their mortgages. Once the bankruptcy cases were completed, Countrywide would attempt to collect the additional charges, even if it meant forcing homeowners into foreclosure. As many as 200,000 borrowers were affected.
By setting up subsidiaries to handle services that were needed as millions of homeowners fell victim to the housing crisis, Countrywide was able to increase its revenues substantially by essentially paying itself to administer default-related services to the customers it had sold sub-prime loans to.
"To have a major loan servicer like Countrywide piling on illegal and excessive fees is indefensible," said FTC Chairman Jon Leibowitz in a press release.
The settlement requires Countrywide to pay $108 million, which will be refunded to the homeowners Countrywide overcharged before July 2008.
Bank of America to Repay $108 Million to Bilked Countrywide Borrowers - DailyFinance
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