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U.S. cracks down on debt collection of private student loans

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A graduate holds their mortarboard cap after a commencement ceremony at the University of Southern California (USC) in Los Angeles, California.

WASHINGTON - The U.S. Consumer Financial Protection Bureau said on Monday it had ordered National Collegiate Student Loan Trusts and their debt collector, Transworld Systems, Inc to pay at least $21.6 million in penalties and restitution for illegally filing debt collection lawsuits.

According to the agency, the companies allegedly sued borrowers without being able to prove the debt was owed or pursued collection on loans that were too old to sue over, and relied on false and misleading legal documents. The CFPB said the trusts had filed at least 486 lawsuits on debt where the statute of limitations for collections had expired.

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Muslim Global: U.S. cracks down on debt collection of private student loans
U.S. cracks down on debt collection of private student loans
The U.S. Consumer Financial Protection Bureau said on Monday it had ordered National Collegiate Student Loan Trusts and their debt collector, Transworld Systems, Inc to pay at least $21.6 million in penalties and restitution for illegally filing debt collection lawsuits.
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