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Case ID: 3345 | Credit / Debt | 08/19/2004
The parties have reached a tentative $120,000 settlement in an action filed against NCO Financial Systems, Inc. on behalf of all persons who took out a personal loan which was previously owned or serviced by Commercial Financial Services (CFS), and which was reported by NCO to one or more credit reporting agencies between October 10, 1999, and March 31, 2004. The action alleged that NCO violated the federal Fair Debt Collection Practices Act by reporting false information to credit reporting agencies. Persons eligible to take part in the settlement should contact attorneys for the class.
The action alleged that NCO not only reported false, deceptive, and misleading information by changing the actual charge-off date or date of last activity to a later date, but in some cases simply failed to report any date of last activity when reporting information to credit bureaus for purposes of collecting debts. It also alleged that the company reported debts in its own name, or in one or more fictitious names, and did not report the name of the original creditor— this caused confusion or misunderstanding as to the source of the debt and the association of the debt with NCO. By proceeding in this manner, NCO allegedly ensured that the debt would continue to appear on customers’ credit reports beyond the seven year period permitted by law. Each class member who submits a timely and valid claim will be entitled to receive a pro rata share of the settlement fund which will be determined by applying the following formula: Claiming class member's pro rata share = $120,000 divided by total number of valid claims, up to a maximum pro rata share of $100.00 per claim. Additionally, NCO has agreed to pay the administrative expenses of the settlement and attorneys' fees and expenses separate and apart from the settlement fund available to the class. Persons eligible to participate in the settlement may obtain a claim form by calling the claims administrator at (312) 322-1002, or by writing to the claims administrator at: First Class, Inc. As of April 20, 2004, the court had apparently not set a deadline for valid claims. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Credit / Debt Cases of Interest Federal credit and banking laws prohibit credit providers from discriminating based on ethnicity, national origin, or race. The parties have reached a tentative settlement in a nationwide action filed against General Motors Acceptance Corporation on behalf of African Americans who allege that, as a result of company policies, dealers routinely charged black consumers higher interest rates on auto loans than whites with similar financial histories in violation of the federal Equal Credit Opportunity Act. Persons eligible to take part in the settlement should contact attorneys for the class for more information. A national class action has been filed in Washington against wireless provider giant, AT&T Wireless Services, Inc. The action is brought on behalf of all U.S. customers of AT&T Wireless who were charged alleged unauthorized billing penalties as a result of terminating their AT&T Wireless contract. The action is brought under federal law communications law and state contract law and seeks restitution, compensatory and statutory damages as well as injunctive and declaratory relief. A class action has been filed against First Union Bank and members of its retained law firm for violations of the Fair Debt Collection Practices Act for deceptive banking acts, statutory deception and for money had and received. He seeks damages, costs and attorneys' fees. Consumer debt counseling is a good alternative to bankruptcy as long as you choose a reputable debt management company. A class action has been filed against debt management company Ameridebt, Inc. and related companies on behalf of consumers who purchased a debt management plan from them and paid any “contributions” as part of the plan, who allege that the companies have conspired together in violation of the federal Racketeer influenced and Corrupt Organizations Act to defraud unsuspecting, financially-strapped consumers. A class action lawsuit has been filed in the Southern District Court of Ohio against Javitch Block and Rathbone LLP for violations of the Fair Debt Collection Practices Act (FDCPA) which prohibits debt collectors from engaging in abusive, deceptive and unfair collection practices. Class members seek compensatory damages (including damages for humiliation), attorney's fees and costs of the litigation. A national class action has been filed in New York against Rickenbacker Collections on behalf of all U.S. residents who have, since November 5, 2002, received a collection letter marked "Urgent Notice" and carrying Rickenbacker's letterhead that threatens litigation if the debt is not paid immediately. Debtors claim that these letters violate the federal Fair Debt Collection Practices Act and are seeking declaratory relief and statutory damages.
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