Debt Sellers Expose Consumer Information Online

Once a consumer debt goes into default, creditors have difficult choices to make. They can continue collection efforts, sue on the debt or sell the debt to a third-party debt buyer. You probably hear that creditors sell these debts for pennies on the dollar. In my San Diego credit card debt settlement law firm, I hear countless stories of consumers not knowing who they owe, getting phone calls from entities they have never heard of, and finding multiple entities reporting a debt on their credit reports. Now approximately 70,000 consumers are facing a new issue. Debt sellers Cornerstone and Company, LLC and Bayview Solutions, LLC published sensitive information about consumers on a website while marketing for sale their debts.

Most frightening to me is the release of bank account information. I myself have fallen victim to someone trying to access my bank account online. Talk about a headache to change accounts. Thankfully, the FTC has taken action and is seeking to have a Federal Court rule to ensure this doesn’t happen again as well as requiring these companies to provide help to any consumers that are affected by this. Having credit card debt can be an embarrassing situation. Having this publicized on the Internet can be much worse. It’s good to know that our government is keeping an eye on things to help consumers.