California debt collection agency settles FTC Charges of Fair Credit Reporting Act violations.

0 Comments | M2 Presswire, August, 2000

M2 PRESSWIRE-25 August 2000-US FTC: California debt collection agency settles FTC Charges of Fair Credit Reporting Act violations (C)1994-2000 M2 COMMUNICATIONS LTD RDATE:24082000 The Federal Trade Commission today announced a proposed settlement with a California-based debt collection agency, Performance Capital Management, Inc.

(PCM), under which the company would be fined $2 million and enjoined from what the FTC called "serious violations" of Section 623 of the Fair Credit Reporting Act (FCRA). According to the terms of the proposed settlement, payment of the fine would be waived due to the company's poor financial condition. The FCRA regulates the collection and dissemination of sensitive information about consumers by credit bureaus and...