According to the Federal Trade Commission’s Annual Summary of Consumer Complaints, debt collection rose to the top of consumer complaints in 2015. Reform Online Lending, the Federal Trade Commission and other organizations work hard to rid the industry of scammers while educating consumers along the way.
In an effort to protect consumers and clean up the marketplace, Reform Online Lending offers a reward for employees in the online financial services industry who report unlawful conduct related to phantom debt collection scams or payday loan debt collection scams. Also contributing to this effort, the Federal Trade Commission offers resources for consumers to file complaints or report scams.
It’s important for consumers to know their rights under the Fair Debt Collection Practices Act, as well as where they can go for useful information and resources. Together, with the help of state and federal law enforcement agencies, national consumer protection organizations and consumers, we can reform online lending!