As predicted right here, it has been reported that Wells Fargo was not alone in creating fake accounts. USA Today reported on June 14, 2018 that other banks were found to have created fake accounts as well. This can be a source of unlawful debt collection, bank fraud and abuse and fair (unfair) credit reporting.
Every once in a while you see a report of Debt Collector that gets prosecuted criminally and for their misconduct. I've always suspected that attracting the interest of law enforcement has more to do with abusing the wrong person, rather than the abuse itself. But no matter the instigation, more Debt Collectors, like more (any) Wall Street fat cats, need to be prosecuted, so all the better.
I was speaking to an existing dealer fraud client the other day and it was apparent that she had also been subjected to Debt Collection Abuse. I realized I had not addressed Debt Collection Abuse in some time.
In a recent case I uncovered training materials in which a major finance company admitted they used contacts with a debtor's family, friends, neighbors and co-workers to leverage payments. These are called Third-Party Contacts (TPCs) under the law. They are one of the stocks and trades of Debt Collector Abuse.