Millions are hounded for debt they don’t owe. One victim fought back

 

Source: Zeke Faux, Bloomberg

Systematic schemes to collect on fake debts began about five years ago. The schemes start when someone scoops up troves of personal information that are available cheaply online—old loan applications, long-expired obligations, data from hacked accounts—and reformats it to look like a list of debts. Then they make deals with unscrupulous collectors who will demand repayment of the fictitious bills. Their targets are often poor and likely to already be getting confusing calls about other loans. The harassment usually doesn’t work, but some marks are convinced that because the collectors know so much, the debt must be real.

One man decided to fight back.

Read Full Article: Millions are hounded for debt they don’t owe. One victim fought back

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