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Bureau Fines Citibank for Fraudulent Documents

We fight quite a few debt buyers in our practice and one issue we have to deal with time and time again are debt-buyers who hold up monthly statements for credit card companies and banks and claim that the statements are both authentic and accurate. Just because a statement may look authoritative does not mean it is authentic and it most certainly does not mean that the contents of the statements are accurate. A fine handed out by the CFPB against Citibank has just given us some new ammunition to use in fighting debt buyers, Citibank was just fined for nearly five million dollars. What was Citibank doing? Among other things, Citibank was apparently selling accounts to debt-buyers with inaccurate information about interest rates, increasing the rates of interest which consumers had actually agreed to for their credit cards. The debt buyers, armed with these fraudulent documents would take them to courts and tell courts that they were authentic. It was only after millions of dollars had been paid by consumers that the CFPB realized what had occurred. That a major bank would do this and that they got caught in the act not only brings into question the integrity of Citibank’s records in future cases, it brings into question the integrity of documents produced by credit card companies and debt buyers in other cases. On top of the fine, the ordered Citibank to pay refunds to roughly 2,100 consumers as a result of their activities.

Have you been sued by a credit card company, bank or debt buyer? Every case is different and has its own unique twists but at Loan Lawyers we will pursue every available legal avenue to help you. If debt collectors have been harassing you or if you have been sued, give us a call for a free consultation.

This document has been provided for informational purposes only and is not intended and should not be construed to constitute legal advice. Please consult your attorney in connection with any legal issues related to the matters discussed in this article as the applicability of state, local and federal laws may vary.

  • ABC News
  • American Civil Liberties Union
  • CBS 4
  • CNN
  • Daily Business Review
  • Florida Trend's - Florida Legal Elite 2014
  • Florida Trend's - Florida Legal Elite 2014
  • National Association of Consumer Advocates
  • National Association of Consumer Bankruptcy Attorneys
  • NBC News
  • National Consumer Law Center
  • The New York Times
  • Avvo
  • Avvo
  • Avvo
  • Avvo
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