Professional Finance Company is a debt collection agency based in 1904. Also referred to as PFC, the business has over 150 employees, many with over a decade of experience in the debt collection industry. Professional Finance Company also operates a subsidiary, PFC Funding II, that purchases debt. Debt buyers typically purchase “uncollectible” portfolios of debt for a fraction of face value, and then try to gather what they can out of customers.
Like most debt collection agencies, Professional Finance Company works on a contingency basis, so that they get paid a portion of the collections they take in. They utilize skip-tracing tactics that include the use of national and local databases. PFC also utilizes credit reporting as a collections mechanism, and reports to all three major credit rating agencies. The business also maintains in-house lawyers and provides litigation services for debt collection.
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Professional Finance Company Collection Agency Complaints
As of April 2017, the Better Business Bureau reported 35 closed Professional Finance Company complaints over the previous few decades, including 9 closed Professional Finance Company complaints over the past 12 months. The BBB provides Professional Finance Company an A+ rating. Additionally, Justia lists one Professional Finance Company complaint filed in federal court in the past year alleging violations of the Fair Debt Collection Practices Act. Moreover, the Consumer Financial Protection Bureau (CFPB) lists 32 closed Professional Finance Company complaints for 2016.
Sample Case Filed in Federal Court against Professional Finance Company
In 2016, a judge in U.S. District Court, Western District of Missouri, denied in part and granted in part Professional Finance Company’s motion to dismiss Bledsoe v. Professional Finance Company for alleged violations of the Fair Debt Collection Practices Act. According to the judge’s decision, the customer alleged the Professional Finance Company sent a collection letter which said, in part, ” As of the date of the letter, you owe the amount indicated under the sum due on the front side of the notice. Due to interest, late fees, and other fees that may differ from day to day the sum due on the day you pay the balance may be higher. If you want present accurate information concerning your balance please telephone 1-855-267-7451.” The customer claimed that the debt collection agency had no statutory or contractual authority to collect interest or late fees, which makes it an FDCPA violation. The debt collection agency contended that the letter contained “safe harbor” language permissible by caselaw. The judge disagreed, stating that the consumer had made a plausible claim, and allowing the case to proceed.
Professional Finance Company Collection Agency Address
Professional Finance Company, Inc.
5754 W. 11th Street, Suite 100
Greeley, CO 80634
Professional Finance Company Phone Number: 800-864-4391
Know Your Rights!
Sometimes debt collectors will attempt to use aggressive tactics or intimidation to attempt and collect on a debt. However, this behavior isn’t permitted under the Fair Debt Collection Practices Act (FDCPA), and based on the behavior it could also be illegal under state law. The FDCPA prohibits not only threats of violence, but also threatening to damage your reputation or damage your property. Additionally it is a violation of the FDCPA for a debt collector to inform you that they’ll take legal actions, such as garnishment, or have you arrested. Even if the debt collector does have the right to sue you for the debt, it’s still a violation of the FDCPA for the debt collector to undermine you if they have no intention to follow through. Victims of debt collector harassment may recover up to $1,000 in statutory damages under the FDCPA, plus attorney fees and court costs.
Consumers have reported getting Professional Finance Company debt collection calls in the following phone numbers:
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