Reply With Quote
faking paperwork ain't cricket. the lack of due diligence and sound business practices is shocking -- except, not too many people seem shocked by it, to judge by the response here.
http://dealbook.nytimes.com/2012/08/...-card-debt/?hp“I would say that roughly 90 percent of the credit card lawsuits are flawed and can’t prove the person owes the debt,” said Noach Dear, a civil court judge in Brooklyn, who said he presided over as many as 100 such cases a day.
The problem, according to judges, is that credit card companies are not always following the proper legal procedures, even when they have the right to collect money. Certain cases hinge on mass-produced do ents because the lenders do not provide proof of the outstanding debts, like the original contract or payment history.
At times, lawsuits include falsified credit card statements, produced years after borrowers supposedly fell behind on their bills, according to the judges and others in the industry.
“This is robo-signing redux,” Peter Holland, a lawyer who runs the Consumer Protection Clinic at the University of Maryland Francis King Carey School of Law.
faking paperwork ain't cricket. the lack of due diligence and sound business practices is shocking -- except, not too many people seem shocked by it, to judge by the response here.
I'm not surprised. In the digital era, with computers and systems constantly being updated and replaced, information inevitably gets lost. Add that to the fact that debt ownership constantly changes hands and you have an absolute mess. I can't tell you how many times my credit cards have changed names over the years. Most of the obscure ones ended up becoming Chase cards. I can see them having some big problems with this in the coming years.
I'm not surprised either. I think in reality, these companies know they will never collect of money owed to them It's one reason why rates are often 23% or higher. It has to do with risk, and the rate has to be high enough to still have profit when losing from those accounts that cannot or do not pay.
there's no excuse for trying to collect using forged do ents. I don't care how many delinquent accounts they have. that's outright fraud.
This is a problem with the electronic age. There is no longer an actual signature trail.
Well, apparently the law says they have to produce the original contract. You would think it would be in the credit company's best interest those are kept in either digital or paper form. There's also ways to date and authenticate digital do ents.
But in the event the company lost them, who's at fault if not the company? If anything, it doesn't give them a right to start forging them.
I say we blame Bill Gates, with as often as Windows crashes...
I agree that it isn't kosher to have faked paperwork at all.
That being said, why are you shocked that these companies don't have their paperwork in order?
that all costs money, manpower. The tier the financial sector does it real work, the more profits for the financial sector.
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
