Money Express Made Misleading Representations to Consumers and Improperly Seized Money From Check-Cashing Transactions
The Bureau of customer Financial Protection (Bureau) today announced funds with Cash Express, LLC, a lender that is small-dollar in Cookeville, Tenn., that offers high-cost, short-term loans, such as for example payday and title loans, in addition to check-cashing services. Cash Express has and runs roughly 328 retail outlets that are lending four states: Tennessee, Kentucky, Alabama, and Mississippi.
As described when you look at the permission purchase, the Bureau discovered that money Express violated the buyer Financial Protection Act (CFPA) by deceptively threatening in collection letters so it would simply take appropriate action against customers, although the debts had been through the date for suing on legal claims, also it had not been money Express’s training to register legal actions against these customers. The Bureau additionally unearthed that money Express violated the CFPA by misrepresenting so it might report credit that is negative to consumer reporting agencies for late or missed payments, as soon as the business would not really report these details. Continue reading “Bureau of Customer Financial Protection Settles with Money Express”