The Washington State Department of Financial Institutions (DFI) warns consumers that before doing business with a financial institution, company, or individual, they should make sure that the entity is properly licensed. Consumers are urged to verify license status prior to giving the financial institution, company, or individual any nonpublic personal information, such as social security number or bank account number or access.
DFI received a report indicating a representative claiming to be from “First Recovery” called a consumer and informed her that she needed to pay an outstanding debt to avoid legal action. The consumer asked the representative for more information regarding the debt, but the representative refused to cooperate. The consumer reported never having obtained a payday loan.
The following contact information was reported by the consumer:
Representative: “Mark Wilson”
Phone number: 1*844*243*2207
Those perpetrating this scam are not licensed by DFI, nor registered to conduct business in Washington State by the Department of Licensing, the Department of Revenue, or the Secretary of State.
Payday Loan Debt Collection Laws
Collection activities by third party debt collectors are subject to the federal Fair Debt Collection Practices Act (FDCPA). If you are contacted by a party attempting to collect a debt that you don’t think you owe, you should request that the party provide you with a written validation notice, which must include the amount of the debt, the name of the creditor you owe, and the rights that you have under the FDCPA. If you have questions regarding debt collection laws please contact the Federal Trade Commission at 1-877-FTC HELP or online at www.ftc.gov.
Report Fraud
Washington State residents, if you are suspicious of unlicensed activity by a payday lender please contact the Department at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov. If you feel you have been the victim of a scam please contact the Federal Trade Commission at 1-877-FTC-HELP (382-4357) or online at www.ftc.gov; or contact the Consumer Financial Protection Bureau (855) 411-CFPB (2372) or online at www.consumerfinance.gov. If the scammers already have your bank account information, social security number, or other nonpublic information, you may be a victim of identity theft and you should take appropriate precautions. The Federal Trade Commission (FTC) has information for victims of identity theft available online at www.ftc.gov.
If you feel you have been the victim of a scam involving the internet please contact the Internet Crime Complaint Center online at www.ic3.gov.
If you feel you have been the victim of a financial scam and are concerned about your personal financial information, contact your banking institution and the three major credit bureaus. Procedures for contacting the credit bureaus are available on the FTC’s website at www.ftc.gov.