Compass Capital LLC – Payday Loan Collection Scam

Date Posted: Thursday, April 14, 2016

BE ADVISED, Compass Capital LLC SHOULD NOT BE CONFUSED WITH Compass Capital Advisors L.L.C. which is listed with the State of Washington Secretary of State. In addition, Compass Capital LLC SHOULD NOT BE CONFUSED WITH Compass Capital Group Inc, Compass Capital, Inc., Compass Capital Group LLC, Compass Capital Management LLC, Compass Capital Services, INC, Compass Capital Venture Fund LP, and Compass Capital Funding Corporation, which are companies registered with the State of Washington Department of Revenue through Business License Services.

The Washington State Department of Financial Institutions (DFI) received a report indicating that individuals using the entity name “Compass Capital LLC” contacted a consumer as well as other family members via telephone and threatened legal action for an alleged payday loan debt that the consumer states is not valid.

As of the date of this Alert, “Compass Capital LLC” is not registered to conduct business in Washington State by the Department of Licensing, the Department of Revenue, or the Secretary of State.

Verify License

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.

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(link is external).

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.

Report Fraud

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(link is external).

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(link is external); or contact the Consumer Financial Protection Bureau (855) 411-CFPB or online atwww.consumerfinance.gov(link is external). 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(link is external).

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(link is external).

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.

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