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Investment Retrievers Inc or IRI is a third-party debt collection agency based in Northern California. IRI has received consumer complaints alleging violations of the Fair Debt Collection Practices Act (FDCPA), including improper contact or sharing of information and threatening to take actions that cannot legally be taken. If you have been contacted by Investment Retrievers, make sure you understand your rights before responding.
According to the Better Business Bureau (BBB), Investment Retrievers, Inc. was founded and incorporated in 2001. The BBB established IRI’s profile page in 2003. IRI is listed as a collection agency. Buzzfile estimates IRI’s annual revenue at $6.5 million, and the size of its staff at 45 employees.
According to its website, Investment Retrievers, Inc is “a financial services firm…that works with creditors to provide a reliable partner for the divestiture of accounts receivable portfolios…by providing a compliant solution focused on assisting consumers with resolving outstanding accounts.” IRI’s mission is “to provide compassionate solutions for consumers to successfully satisfy their financial obligations, to offer realistic solutions focused on the consumer’s situation, and to assist them in reaching their financial goals.”
IRI’s website does not provide a lot of detailed information about its business practices. Instead, their Services page offers generalized descriptions of ISI’s collection methods. For example, ISI “offers creative deal structures for our creditor partners with single transactions or forward flow arrangements that create predictable cash infusions at scheduled intervals.” They also do not provide specific details about the types of creditors for whom they collect delinquent accounts, stating simply that they “have experience working with creditors of all shapes and sizes, from sole proprietors to international banking institutions.”
As for regulatory compliance, Investment Retrievers, Inc has “deployed the ComplyARM Dashboard Compliance Management System” to stay “on the cutting edge of compliance technology and maintain a minimal risk profile for…creditor partners.” Their Consumer Resources page provides a link to a helpful portal through which site visitors can easily file any of a number of federally mandated complaints or information requests. They also provide links to several consumer protection resources, including the Consumer Financial Protection Bureau (CFPB).
The Better Business Bureau (BBB) has closed 14 complaints against Investment Retrievers, Inc in the preceding 3 years, with 3 complaints closed in the past 12 months. All of those complaints allege problems with billing and collections. As of April 2015, the Consumer Financial Protection Bureau (CFPB) has closed 14 complaints against IRI. Justia lists at least 11 cases of civil litigation involving Investment Retrievers, Inc.
Absolutely. Here are some Sample Cases against Investment Retrievers Inc
In January 2018, in United States District Court for the Eastern District of California, a judge issued an Order in a case alleging Investment Retrievers, Inc had violated certain provisions of both the federal and state Fair Debt Collection Practices Acts (FDCPA). In this case, the plaintiff received a debt collection letter from Investment Retrievers regarding a delinquent auto loan. The letter stated, in part, that IRI “now holds title to your vehicle. We understand that you are still in possession of your vehicle.” In fact, at the time he received the letter, the plaintiff was not in possession of his vehicle. IRI subsequently sent a second letter to the plaintiff indicating there had been a clerical error and apologizing for the inaccurate statement. Regardless, the plaintiff filed a complaint that IRI had violated both federal and state FDCPA laws prohibiting the use of false or misleading language in an effort to collect a debt. Specifically, the plaintiff charged that Investment Retrievers, Inc violated Sections 1692e and 1692f of the federal FDCPA. Section 1962e prohibits the use of “any false, deceptive or misleading representation or means in connection with the collection of any debt;… the false representation of the character, amount, or legal status of any debt; …the use of threats to take illegal action, or action not intended to be taken; …and the use of false representations or deceptive means to attempt to collect a debt or consumer information.” Section 1692f prohibits the use of “unfair or unconscionable means to collect or attempt to collect any debt.” In addition, California’s state FDCPA law contains provisions prohibiting false statements that are very similar to the federal law.
IRI’s attorneys argued that the plaintiff did not have standing to bring the civil action because the letter’s statement, although inaccurate and literally not true, could not have been interpreted by a hypothetical “unsophisticated consumer” as false and misleading enough to constitute a violation. The court disagreed, stating that the FDCPA was passed to ensure that collection agencies are prevented from engaging in conduct that is intended to intimidate or harass consumers. Although Investment Retrievers, Inc may not have considered the inaccuracy significant, the information was included clearly to influence the action of the recipient. The fact that the information was false led the court to make the determination that the law had been violated as a matter of fact, regardless of how serious the violation may appear to an outside party. IRI’s insistence that they had sent a letter acknowledging the error only certified the court’s decision to find in favor of the plaintiff. However, the court granted Investment Retrievers’s motions to dismiss charges under FDCPA 1692f, prohibiting the use of unconscionable means to collect a debt; and of the state FDCPA law, which contains a provision allowing collection agencies to escape liability if they correct errors in written notices within 15 days.
Investment Retrievers, Inc.
950 Glenn Drive, Suite 160
Folsom, CA 95630
Telephone: (888) 610-4701
Understanding Your Debt Collection Rights
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 recieving calls at work from a debt collection agency
- Debt collectors are calling your friends, neighbors, or coworkers
- Collectors are threatening you with violence, a 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 and even one of these has happened to you, 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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