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Debt Purchaser Agrees to Cancel $6.6 Million in Credit Card Debt
Written by Jamie Simpson, LawServer Attorney-Editor   
Last Updated October 23, 2008

Financial Credit Services (FCS), a debt purchasing company based in Palatine, Illinois, has agreed to cancel more than $6.6 Million in credit card debt for 1,451 West Virginia residents, reports the West Virginia AG Office. The debts were allegedly purchased from major banks such as Bank One, Citifinancial, Chase, MNBA, Providian and GE Capital.

Attorney General Darrell McGraw launched an investigation in January 2007 after receiving complaints that FCS was collecting debts without a license. FCS also allegedly threatened to file suit against consumers and report the debts to major credit bureaus without intending to follow through. In addition, the only proof that FCS could produce of the debts were computer spreadsheets, which was no sufficient evidence in court.

The settlement agreement also includes reimbursing $2,481 collected from the 3% of consumers FCS actually contacted.
 
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