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CFPB says Chicago debt collector made bogus threats against consumers

Aug 29, 2019 - American Banker

A Chicago-area debt collector threatened to sue and garnish the wages of consumers in violation of federal law, the Consumer Financial Protection Bureau said in a consent order.

The CFPB alleged that Asset Recovery Associates in Lombard, Ill., also threatened to place liens against consumers' homes. The debt collector was ordered to pay at least $36,800 in restitution and a $200,000 fine to the CFPB.

The debt collector made false statements and engaged in deceptive practices against ...