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Trident Asset Management is a third-party collection agency based in Atlanta, GA. Trident has received a large number of consumer complaints alleging that their collection tactics violate the Fair Debt Collections Practices Act (FDCPA). If Trident has contacted you about past due financial obligations, make sure you understand your rights before responding.
According to the Better Business Bureau (BBB), Trident Asset Management is a legitimate collection agency, founded in Atlanta, GA in December 2007 as a Limited Liability Company. The BBB established a profile page for Trident in February 2009.
Trident’s website states that it is a “leader in the collection and servicing of non-performing consumer receivables.” Trident claims its success results from a combination of a “unique approach” to customer service with a highly experienced management team who has extensive experience in the collections and debt servicing business.
Trident’s client-facing website employs a fairly simple layout. Their Services tab does not specify which industries their collection efforts are focused on. Instead, they provide information about the general skill areas of their collectors, including verbal communication, negotiation skills, eagerness, willingness, and persistence. In addition, they employ a network of attorneys, a digital analytics program to determine the likelihood of debtor default, and expertise that allows them to gain accounts receivable contracts from a variety of industries.
A Community tab advertises their charitable giving practices. The Consumer Protection tab contains a link to the Fair Debt Collections Practices Act (FDCPA); the Fair Credit Reporting Act (FCRA); the three major credit reporting agencies; financial terms from Bankrate.com; and the Federal Trade Commission’s (FTC) identity theft link. The Industry Links tab duplicates this information and adds links to the Consumer Financial Protection Bureau (CFPB) and Consumer Credit Counseling Services (CCCS). Finally, the Make a Payment tab links to their secure payment portal.
The site does not contain any specific information about the rights and responsibilities of either consumers or collection agencies.
As of September 2017, the BBB has given Trident a rating of B. They have closed 612 complaints against Trident in the past three years, with 116 of them closed in the past twelve months. The majority of complaints alleged problems with billing and collection, although there are also many complaints about customer service. Since March 2015, the CFPB has closed 121 complaints against Trident. Justia lists at least 7 cases of civil litigation naming Trident as a defendant.
Trident Asset Management
PO Box 888424
Atlanta, GA 30356-0424
Telephone: (866) 695-8893
It is illegal for a debt collector to threaten to sue you or garnish your wages. It is also unlikely Trident Asset Management 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
In May 2015, in the United States District Court for the Northern District of Illinois, Eastern Division, a judge issued a Memorandum and Order in a finding for a plaintiff who had filed a complaint against Trident for alleged violation of the FDCPA. The May 2015 Memorandum and Order was held to determine the court’s decision on the award, rather than to try the facts of the case, but those details were outlined, as well. In previous litigation, the plaintiff had prevailed in three of his four charges that Trident’s debt collection activity during a 2012 attempt to collect a debt was illegal, and ultimately the court entered a judgement in favor of the plaintiff for $1,000 plus reasonable attorney fees. Prior to this final resolution, however, the defendants filed an answer to the plaintiff’s complaint that contained a number of deficiencies, so the plaintiff filed a motion to strike. The defendants continued to attempt to deny liability, so the plaintiff amended his answer twice. Trident opposed one of the motions and asserted a “bona fide error” defense, so the plaintiff filed additional briefs and sought depositions. During the course of discovery, the defendants admitted a key point of liability and moved for summary judgement, and then moved to withdraw the admission. The plaintiff opposed, submitting additional briefs in support. All of the extensive and complicated litigation about a point of liability that had already been established took about two years. Although Trident could have paid the maximum statutory fine of $1,000 plus reasonable attorney fees after initially losing on summary judgment two years previously, they chose to fight the judgement, spending about $150,000 in court costs and attorney fees. As a result, the amount of the plaintiff’s attorney fees and court costs was also much higher, and combined with the original maximum statutory award of $1,000, the court ultimately found for the plaintiff for a total of over $100,000.
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 and even one of these has happened to you, we can help. We will fight for your rights.
We can make them STOP!✋
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 NOW.
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Chances are good that we can help. Call us today and we’ll explain.
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