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Financial Data Systems (FDS) is a third-party collection agency based in North Carolina. FDS has received consumer complaints alleging violations of the Fair Debt Collections Practices Act (FDCPA), including misrepresentation and attempting to collect debts not owed. If you have been contacted by FDS, understand your rights before responding.
According to the Better Business Bureau (BBB), Financial Data Systems is a consumer finance, consumer loan, and financial services company. The BBB does not indicate a founding date, but their profile page for FDS was established in 2009. Buzzfile indicates a founding date of 2005 and describes FDS as an investment advisor operating within the security and commodity brokers sector.
According to its website, FDS has been providing collections services since 1998. Their stated mission is “to provide businesses in North Carolina and the surrounding states with the most comprehensive, professional and successful collections in the industry. FDS cites its DAKCS software as the key to its effectiveness. “DAKCS offers complete financial control with its unique report features…The system is completely automated, allowing FDS’ staff to spend… time collecting…money and not manually calling and downloading accounts.” FDS also employs “state of the art predictive dialing systems…that make thousands of collections calls and reminders per hour.”
FDS’ business services occupy two main divisions: first-party collections, or Extended Business Office (EBO), and third-party contingency collections. Their EBO service acts “as an extension of clients’ business offices, providing the staff, technology, and processes to increase your cash flow by decreasing accounts receivable.” Their third-party collection service uses letters, phone calls, and skip tracing to locate and contact debtors with delinquent accounts. Three letters are sent out during the first 30 days, and delinquencies are reported to the credit reporting agencies if no contact is made.
They cite a staff training program based on the Fair Credit Reporting Act (FCRA), the Fair Debt Collection Practices Act (FDCPA), and the Health Information Portability and Accountability Act (HIPAA). They also cite membership in the Healthcare Financial Management Association (HFMA), the Association of Credit and Collection Professionals (ACA), and the North Carolina Self Storage Association (NCSSA). However, there are no links or references to consumer protection resources, laws, or agencies.
As of October 2017, the BBB has closed 14 complaints against FDS in the preceding three years, with 7 closed in the past 12 months. Almost all of those complaints allege problems with billing and collections. Since July 2015, the Consumer Financial Protection Bureau (CFPB) has closed 14 complaints against FDS. Justia lists at least 1 case of civil litigation naming FDS as a defendant.
Absolutely. Here are some Sample Cases against Financial Data Systems – FDS.
Many complaints against FDS demonstrate a tendency toward inaccurate documentation and non-responsiveness. For example, in June 2017, a complainant indicated that he had sent 3 letters to FDS requesting that inaccurate items be removed from his credit report. He requested verification of the debt and indicated he had never received it. He indicated all of his letters were sent certified mail and he provided the dates of mailing. He also indicated that the response he did receive was “vague” and “barely readable.” He also claimed to have called FDS, but they “failed to find correct information.” He requested that all calls to his home or place of employment, including automated calls, cease and desist. Finally, he indicated that despite all his efforts to correct inaccurate information, nothing had happened. In response, an FDS representative indicated, “I do not see where you sent three certified letters to us. I do see where you disputed the accounts with the Credit Bureaus and we responded to those disputes.” In addition, the representative insisted that they had sent him the requested documentation, but that the mailing address they had on file was inaccurate. As far as the complainant’s attempt to contact FDS by phone, the representative responded, “the phone number you called is to our client. Perhaps you are confused in who you have been communicating with.” Finally, the representative agreed to cease and desist phone contact attempts and invited the complainant to call the representative directly to “discuss the account and see what we can do to get it taken care of and removed from your credit file.” The complainant’s rebuttal indicated he would not accept FDS’ response as a resolution and restated his position with regard to the dispute.
Financial Data Systems
PO Box 688
Wrightsville Beach, NC 28480
Understanding your Debt Collection Rights
The Fair Debt Collections Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA) are federal laws that regulate how collection agencies may conduct themselves.
The FDCPA prohibits actions such as the use of abusive or threatening language; or the use of false or misleading information to collect a debt.
The FCRA regulates how collection agencies report information to credit reporting agencies.Additional consumer protection laws include the Consumer Financial Protection Act (CFPA) and the Telephone Consumer Protection Act (TCPA).
The complaints above illustrate why it is important to understand your rights and responsibilities under these laws when attempting to communicate with collection agencies.
These laws also provide individuals with a means to seek monetary damages in court. For example, the FDCPA allows consumers to recover damages of up to $1,000, plus attorney fees and court costs, in cases proving violations of the FDCPA. Seek legal assistance if you are having difficulty resolving a dispute with a collection agency.
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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