FTC Fines CPS $5.5 Million

Consumer Portfolio Services Inc. will pay more than $5.5 million to settle Federal Trade Commission charges that the company used illegal tactics to service and collect consumers’ loans.
The FTC alleged that the Irvine, Calif.-based company collected money that consumers did not owe, harassing consumers and third parties, and disclosing debts to friends, family, and employers.
CPS has agreed to refund $3.5 million on 128,000 accounts and to halt collections on another 35,000 accounts to settle the charges. CPS will pay another $2 million in civil penalties for alleged violations of the Fair Debt Collection Practices Act and the Fair Credit Reporting Act.

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