OLA Praises FTC for Obtaining Money for Defrauded Consumers

May 15, 2015 (Washington, D.C.) — The Online Lenders Alliance (OLA) today praised the Federal Trade Commission (FTC) for obtaining refunds for consumers defrauded in a phantom debt collection scam.

“We applaud the FTC for securing refunds for consumers victimized by this fraudulent debt collector,” said Lisa McGreevy, President and CEO of OLA.  “OLA member companies were among the first to report hearing from customers about these threatening phone calls.”

In 2012, the FTC charged American Credit Crunchers LLC and owner Varang Thaker for targeting consumers who obtained or searched for online short-term loans.  Consumers were subjected to false debt collection calls that threatened prosecution and jail time if the consumer refused payment.

“OLA members abide by a list of Best Practices that includes strict rules regarding debt collection and data security to ensure consumers are protected from fraud,” McGreevy said.

OLA encourages consumers to report instances of fraud to its live-operated Consumer Hotline (866-299-7585).  OLA reports fraud to the FTC and other law enforcement agencies for investigation.

The FTC news release can be read here.

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The Online Lenders Alliance represents the growing industry of financial technology companies offering consumers small, short-term loans online. OLA member companies abide by a list of Best Practices and Code of Conduct to ensure that customers are fully informed and fairly treated.

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