Tier Capital LLC
Possible Payday Loan Collection Scam
August 14, 2014
Also Doing Business As:
- Tri Capital LLC
- Tri County Processors
- Tri County Arbitration
It has been reported to the Washington State Department of Financial Institutions (DFI) that a consumer was contacted numerous times by individuals interchangeably identifying themselves as representatives of Tier Capital LLC, Tri Capital LLC, Tri County Processors, and Tri County Arbitration regarding a delinquent payday loan. The representatives threatened legal action against the consumer when the consumer attempted to verify the company’s licensing status. The representatives also insisted on meeting the consumer in person, and had the consumer’s personal and financial information. The consumer indicated to DFI that she does not have a loan with these entities.
The consumer provided the following phone numbers that are allegedly tied to these companies: 206-420-5433, 855-861-2245.
These entities are not licensed by the Washington State of Department of Financial Institutions as a payday lender, or by the Washington State Department of Revenue Business Licensing Service as a collections agent.
Washington residents are advised that state law provides in RCW 31.45.105(1)(d) and (3) that a small loan made by an unlicensed entity to a person physically located in Washington is uncollectible and unenforceable in Washington State.
DFI strongly recommends that consumers deal only with those lenders that are properly licensed to conduct business. Consumers can determine whether lenders are properly licensed using the “Verify a License” feature on the DFI’s website at www.dfi.wa.gov/consumers/findcompany.htm.
Payday Loan Debt Collection Laws
Collection activities are subject to the federal Fair Debt Collection Practices Act. Therefore, 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.
Debt collectors cannot state or imply that failure to pay a debt is a crime. They cannot call before 8:00 a.m. or after 9:00 p.m. They cannot harass or abuse consumers, or contact consumers' places of employment.
Washington State residents, if you are suspicious of unlicensed activity by a payday lender please contact the Washington State Department of Financial Institutions at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov.
If you live in another state, find your state regulator.
If you feel you have been the victim of a loan 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 or online at www.consumerfinance.gov. Because the scammers have access to bank account information and social security numbers, victims should consider themselves victims of identity theft and take appropriate precautions. The Federal Trade Commission has information for victims of identity theft available online at www.ftc.gov.
If you feel you have been the victim of a loan 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 loan scam and are concerned about your personal financial information, contact your banking institution, and the three major credit bureaus.