When creditor or servicing company doesn't "credit" a payment after receiving it and then getter further proof but still puts the victim in arrears or foreclosure, there should be fines regardless of whether it is a "mistake" or "criminal act."
A grace period can be allowed but after that slap on the fines. and keep them coming every week they don't correct their problem. Basically by not crediting payment they are stealing that payment.
This should apply to any "mistakes" or unethical practices such as deliberately or "mistakenly" changing around escrow, interest, principal, late fees, insurance and so forth to the profit of the collector.
Heavy fines will take away the profit motive and such "mistakes" and unethical practices will greatly decrease.
A central system has privacy concerns and it would be useful only if it included verification of who picked up the document and when.
Instead creditors and debt buyers should be mandated to allow secure document uploading to their own website with official notification that the document has been reviewed.
I have a pending case of a company misapplying my payments, I had to send many registered letters and faxes with proof of payment which cost some money and time. With this company anything you send them "doesn't exist" unless you have verifiable proof they have been forced to accept it.
It would be a lot easier for the consumers to just upload the documentation and get verification the company reviewed it which can be used for a complaint.
There should be penalties of fines for not marking an uploaded document as "reviewed" after a period of time.
The Consumer Finance Protection Bureau needs to have a large core of undercover agents that get jobs at collection agencies, credit agencies and servicers.
These agents need full federal law enforcement powers with guns and badges so they can perp-walk suspects out of their offices and take them to federal holding facilities for trial when they have proof of criminal activity.
Currently it seems many creditors, servicers and debt collectors consider themselves above the law. There's only two ways to discourage that thinking and that's jail time and/or fines.
After conviction, victims should receive a framed and signed (first name or nickname of the agent) photograph of the perp-walk. They usually don't get their money back but that's something they will treasure.
It could be treated just like any document you fax or snail mail, uploading is just an easier way to get it there. As to fine time, I would say 48 hours.
Waywiser
1
When creditor or servicing company doesn't "credit" a payment after receiving it and then getter further proof but still puts the victim in arrears or foreclosure, there should be fines regardless of whether it is a "mistake" or "criminal act." A grace period can be allowed but after that slap on the fines. and keep them coming every week they don't correct their problem. Basically by not crediting payment they are stealing that payment. This should apply to any "mistakes" or unethical practices such as deliberately or "mistakenly" changing around escrow, interest, principal, late fees, insurance and so forth to the profit of the collector. Heavy fines will take away the profit motive and such "mistakes" and unethical practices will greatly decrease.
View this comment in the discussion thread
Waywiser
2
A central system has privacy concerns and it would be useful only if it included verification of who picked up the document and when. Instead creditors and debt buyers should be mandated to allow secure document uploading to their own website with official notification that the document has been reviewed. I have a pending case of a company misapplying my payments, I had to send many registered letters and faxes with proof of payment which cost some money and time. With this company anything you send them "doesn't exist" unless you have verifiable proof they have been forced to accept it. It would be a lot easier for the consumers to just upload the documentation and get verification the company reviewed it which can be used for a complaint. There should be penalties of fines for not marking an uploaded document as "reviewed" after a period of time.
View this comment in the discussion thread
Waywiser
3
The Consumer Finance Protection Bureau needs to have a large core of undercover agents that get jobs at collection agencies, credit agencies and servicers. These agents need full federal law enforcement powers with guns and badges so they can perp-walk suspects out of their offices and take them to federal holding facilities for trial when they have proof of criminal activity. Currently it seems many creditors, servicers and debt collectors consider themselves above the law. There's only two ways to discourage that thinking and that's jail time and/or fines. After conviction, victims should receive a framed and signed (first name or nickname of the agent) photograph of the perp-walk. They usually don't get their money back but that's something they will treasure.
View this comment in the discussion thread
Waywiser
4
It could be treated just like any document you fax or snail mail, uploading is just an easier way to get it there. As to fine time, I would say 48 hours.
View this comment in the discussion thread
Waywiser
5
I still stand by what I said; CFPB should have a large core of undercover agents with arresting powers.
View this comment in the discussion thread