The Washington State Department of Financial Institutions (DFI) warns consumers that before doing business with a financial institution, company, or individual, they should make sure that the entity is properly licensed. Consumers are urged to verify license status 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 has received reports of what appears to be loan collection scam. A consumer reported receiving phone calls from a company claiming to be Riverside Financial about an alleged debt. The consumer indicated that Riverside Financial referenced a case number and phone number to a company called Asset Recovery Associates (ARA). ARA then contacted the consumer to collect funds on an original debt with Riverside Financial. The consumer reported never obtaining a loan with Riverside Financial. The consumer report also referenced a telephone number of 855-599-7663.
Those perpetrating this scam are not licensed by DFI. They are also not licensed as collection agencies by the Washington State Department of Licensing.
BE ADVISED, “Riverside Financial and Asset Recovery Associates” SHOULD NOT BE CONFUSED WITH THE FOLLOWING LEGITIMATE COMPANIES LICENSED THROUGH THE SECRETARY OF STATE, DEPARTMENT OF REVENUE, AND DEPARTMENT OF REVENUE BUSINESS LICENSE SERVICES, IN WASHINGTON STATE:
- Asset Recovery Group Intl Incorporated d/b/a Asset Recovery Group
- Asset Acceptance Recovery Services, LLC
- Asset Recovery and Remediation, LLC
- Asset Recovery Group, Inc.
- Asset Recovery Solutions, LLC
- Asset Recovery Specialists, Inc.
- Asset Recovery Company
- Asset Recovery Consultant LLC
- Asset Recovery Corporation d/b/a Asset Recovery
- Asset Recovery Group of Washington
- Asset Recovery International
- Asset Recovery Northwest, Inc.
- Asset Recovery Services LLC
- Asset Recovery Systems
- Asset Recovery Inc.
- Jason Lucas Sadler d/b/a Asset Recovery and Process Serving
- Jenea Dannielle Forshee d/b/a Asset Recovery Firm
- Michael Rodney Wise d/b/a Asset Recovery Service
- Take Two Video d/b/a Asset Recovery Systems
- Wayne Malmberg d/b/a Asset Recovery Co.
- Chad Joseph Bughi d/b/a Riverside Financial
- Riverside Financial, Inc.
- Riverside Financial, LLC
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.
Categories: CONSUMER alert