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Timemark - 1 — - 1 Joe Biden's - 1 scammers - 1
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☆ Over 7,100 student-loan borrowers will get $3.5 million in refunds after a debt relief company was accused of illegally charging them up to $699 in fees to reduce their federal balances, a consumer wa
  + stars: | 2023-07-07 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
7,100 borrowers will receive $3.5 million worth of checks in the mail after the CFPB said they were scammed. The CFPB accused Timemark, a debt relief company, of illegally charging federal borrowers fees. Scams are likely to grow following the Supreme Court decision to strike down student-debt relief. According to the bureau, Timemark charged borrowers "illegal advance fees" to reduce their federal student-loan balances when the Education Department offers those services for free. Over the past few years, the CFPB — along with the Federal Trade Commission — have scrutinized a range of student-debt relief companies over potential fraudulent behavior.
Persons: Timemark, —, Joe Biden's, scammers Organizations: Service, Consumer Financial, Bureau, Timemark, Inc, Education Department, Epiq Systems, Federal Trade Commission, FTC, Federal Locations: Timemark
☆ Over 23,000 student-loan borrowers might soon receive a check in the mail after 5 debt relief companies were accused of charging them unnecessary fees
  + stars: | 2022-12-13 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
The CFPB accused five student-debt-relief companies of charging consumers unnecessary fees. As a result, 23,000 impacted borrowers may soon receive checks compensating them in the mail. The lawsuit also claimed that Monster Loans and Lend Tech Loans, two associated-mortgage companies, violated the Fair Credit Reporting Act by marketing debt relief to consumers using credit information "illegally obtained" from a credit-reporting company. Student-debt-relief companies often offer borrowers help with lowering their monthly payments or enrolling in targeted loan-forgiveness programs, but that's not without fees the companies may or may not disclose up front. Still, the broad debt relief is paused at this time following two lawsuits that have blocked its implementation.
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