Capital One Collection Complaint Resolved

For approximately a year now, the U. S. Department of Justice has been investigating and working with Capital One to resolve complaints that the credit card company has been collecting on debt that was no longer owed to them.  According to articles on both the Wall Street Journal website and Forbes.com, Capital One has sought and collected on debts that had previously been discharged in bankruptcy proceedings.

Reports say that Capital One has collected approximately $340,000 and the company will be working with the Department to return the money.  An independent auditor will be hired to review over 650,000 Capital One customer accounts to look for any other monies collected in error.

It is great that the Department has gotten involved and that Capital One has been cooperative, open and willing to resolve this problem as quickly as possible.  However, I imagine that for a lot of individuals who unknowingly paid debts they shouldn’t have had to pay, this caused a huge financial burden.  It is always important that everyone understands their consumer rights and the laws that regulate collection practices.   For more information on this topic, I suggest visiting the following sites:

Federal Trade Commission

Wall Street Journal

Forbes

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