The Washington State Department of Financial Institutions (DFI) warns consumers about providing sensitive bank account or personal information on the telephone to callers that initiate contact with the consumer. Consumers are urged to verify license status and the identity of any party prior to giving the financial institution, company, or individual any nonpublic personal information, such as social security number or bank account number or access.
DFI received a complaint indicating that a representative claiming to represent an entity identified as “Inside Capital” called a consumer and informed her that she needed to pay on a 2009 payday loan. The representative threatened to contact the consumer’s place of employment and to file a lawsuit. In addition, the representative had the consumer’s social security number and address. The consumer reported never having obtained a payday loan.
The following information was contained in the report:
Phone numbers used or referenced in the call: 1-855-205-6357; 1-877-746-4334
Those claiming to represent Inside Capital are not licensed by DFI nor registered to conduct business in Washington State by the Department of Licensing, the Department of Revenue, or the Secretary of 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.
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.
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.