If you have fallen behind on bills, you understand that the pressure of trying to climb out of a financial hole can take a physical and emotional toll on you. On top of the sinking feeling associated with a huge debt burden, you can also experience a considerable amount of stress because of the harassing and intimidating debt collection tactics used by a debt collection agency. Fortunately, a monumental federal consumer protection law prohibits a large number of previously valid debt collection practices.
Written into law by the United States Congress on September 20, 1977, the Fair Debt Collection Practices Act (FDCPA) acts as the consumer Bill of Rights. The consumer protection law makes it illegal for third party debt collectors to harass consumers by making repeated phone calls. Consumers do not have to permit bill collectors to contact them at odd hours of the day as well. As one of the most overlooked provisions of the FDCPA, federal consumer protection law outlaws the use of deception to trick consumers into settling delinquent credit card and personal loan accounts.
About Commonwealth Financial Systems
Operating as a corporation since 2005, Commonwealth Financial Systems has received more than 500 consumer complaints that the Better Business Bureau has published on its website. The 500 complaints represent one of the largest number of complaints filed against any American registered debt collection agency.
Prohibited Acts of Misrepresentation
Under the FDCPA, a third party debt collector cannot mislead you into thinking the bill collector represents a law enforcement agency. Some debt collection agencies bank on consumer ignorance by associating themselves with federal law enforcement officials. Commonwealth Financial Systems cannot claim it is the IRS or deceive consumers by claiming they represent the interests of a credit reporting agency. Information that appears on consumer credit reports is issued in a manner that adheres to strict guidelines. A company such as Commonwealth Financial Services has little influence when it comes to determining what appears on your credit report. If a company charged with collecting consumer debts deceives you, then the time has come to explore your legal options.
Statutory Damages and the FDCPA
Consumers have the right to seek monetary damages for one or more violations of the FDCPA. The first thing your FDCPA lawyer will do is to find out whether Commonwealth Financial Systems committed one or more FDCPA violations by deceiving you. Your FDCPA attorney will work hard to present evidence that proves the debt collection agency deceived you. Evidence can include tape recorded phone conversations, as well as the original letters sent to you by Commonwealth Financial Systems. Statutory damages, which cannot exceed $1,000, cover every FDCPA violation committed by a third party debt collector.
Never allow a bill collector to get away with using deceptive debt collection tactics. Schedule a free initial consultation with a licensed consumer protection attorney who has successfully litigated a large number of FDCPA cases.
*Disclaimer: The content of this article serves only to provide information and should not be construed as legal advice. If you file a claim against Commonwealth Financial Systems, or any other third-party collection agency, you may not be entitled to compensation.