Financial Asset Management Systems or FAMS is an Accounts Receivable Management (ARM) company and third-party collection agency based in Georgia. FAMS has received consumer complaints alleging violations of the Fair Debt Collections Practices Act (FDCPA) such as failing to verify debts and improper sharing of information. If you have been contacted by FAMS, understand your rights before responding.
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According to the Better Business Bureau (BBB), Financial Asset Management Systems, Inc. is a legitimate collection agency initially founded and incorporated in 1993, and the BBB opened its file in 2002. FAMS is listed as a collection agency, a consumer finance and loan company, and an eviction service. Buzzfile estimates FAMS’ annual revenue at $29.5 million.
According to its website, FAMS is “a private equity-backed company with an experienced management team…well positioned to make the investments required to achieve top performance for every client.” FAMS is a member of several professional associations, including the Association of Credit and Collection Professionals (ACA international); the Coalition of Higher Education Assistance Organizations (COHEAO); the National Association of College and University Business Officers (NACUBO); and the National Council of Higher Education Loan Programs (NCHELP).
FAMS provides extended business office services, including first-party collections, to businesses who don’t want to worry “about an in-house collection operation.” They also offer full-service third-party collection services that utilize “ongoing communication, sophisticated technology, [and] disciplined processes,” including skip tracing, default prevention, pre-subrogation, [and] letter programs.”
FAMS’ collection agents service accounts for educational institutes; financial services companies; local, state, and federal government agencies; healthcare providers; and telecommunications and media companies.
The FAMS website is predominantly client-facing. There is no information about its compliance policies or training. Their File a Complaint tab provides a web-based from for consumers, but there is no disclaimer or notice of consumer rights and responsibilities, and there are no links or references to consumer protection resources, laws, or agencies.
The BBB has closed 6 complaints against Financial Asset Management Systems in the past three years, with 3 of them closed in the past 12 months. Since March 2015, the Consumer Financial Protection Bureau (CFPB) has closed 50 complaints against FAMS, and Justia lists at least 5 cases of civil litigation naming FAMS as a defendant.
Financial Asset Management Systems, Inc.
1967 Lakeside Parkway, Suite 402
Tucker, GA 30084
Telephone: (888) 668-6925
It is illegal for a debt collector to threaten to sue you or garnish your wages. It is also unlikely FAMS would sue you for a debt you may not owe or they cannot validate. However, debt collection agencies are known to have summoned debtors to court and garnish wages after a default judgement. Contacting an attorney BEFORE this could possibly happen would be a smart move. We’ve helped thousands of consumers fight back against unscrupulous debt collection harassers. Find out if we can help you too today!
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Absolutely. Here are some Sample Cases
Many of the complaints against Financial Asset Management Systems indicate a tendency toward inaccurate documentation and non-responsiveness. In November 2014, a complainant who was a business owner indicated that FAMS representatives had been “harassing” him, his secretaries, and his human resources department for several years. FAMS representatives were allegedly trying to locate a person with a name similar to that of the complainant, but with a different middle initial, different date of birth, and different social security number. FAMS responded by indicating that they had not received the complainant’s first letter of complaint. Although they had received the “second notice,” they admitted that they had continued to make calls to the complainant despite their records having confirmed that he was not the person they were looking for.
In June 2017, a complainant stated that a Financial Asset Management Systems representative contacted her and demanded that she send them information about her insurance company regarding a medical bill that had gone to collections. The complainant’s financial situation, including tax returns, had been delayed due to FAMS’ inability to move forward with the processing of her delinquency account, allegedly because the complainant had not provided them with all the information about her insurance company that they had asked for. She further alleged that some of the FAMS representatives seemed to have access to her account information, while others indicated they could not access the information because it was in dispute. She also alleged that because she was preoccupied with other matters, she was unable to provide them with the assistance they were requesting, and that their automated telephone system was unresponsive. In response, FAMS indicated that the state-sponsored healthcare provider that placed her account with FAMS for collection had maintained responsibility for reviewing disputes. Although they had received the complainant’s communication regarding her delinquent account, they also claimed that they were unable to access the account while the original creditor was reviewing the disputes she had filed.
The Fair Debt Collections Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA) are enforced by the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB). The FDCPA regulates the behavior of collection agencies by prohibiting actions such as the use of abusive or threatening language; harassment; or the use of false or misleading information to collect a debt.
The FCRA regulates how collection agencies and creditors report delinquent debts to credit reporting agencies. Additional consumer protection laws include the Telephone Consumer Protection Act (TCPA) and the Consumer Financial Protection Act (CFPA). The complaint above illustrates how these laws can be extremely effective tools to hold accountable collection agencies who fail to adhere to their provisions.
These laws also provide individuals with a means to seek monetary damages in court. For example, the FDCPA allows consumers who have been violated to recover damages of up to $1,000, plus attorney fees and court costs.
Seek legal assistance to find the relief you may be entitled to if you are having difficulty resolving disputes with a debt collection agency.
Your debt harassment checklist:
- You are receiving multiple calls per week from third party collection agencies
- You are receiving early morning or late night calls from debt collectors
- You are receiving calls at work from a debt collection agency
- Debt collectors are calling your friends, neighbors, or coworkers
- Collectors are threatening you with violence, lawsuit, or arrest
- A debt collector attempts to collect more than you owe
- You are being threatened with negative credit reporting
- A debt collector attempts to intimidate you
- Criminal accusations are being made towards you
- Use of obscene language during an attempt to collect
- Automated robocalls are being made to your phone in an attempt to collect
If you’ve been harassed by debt collectors, we can help. We will fight for your rights.
The Lemberg Law legal team is committed to holding debt collectors accountable, so complete our form for a FREE case evaluation, or call 844-685-9200.
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