Multiple Consumer Fraudulent Actions Occurring in Today’s Market
Today’s world is corrupt with different fraudulent activities. The more the technological advancements, the greater is the intensity of frauds and crimes. The consumer fraud act was passed in 1994 that includes almost all of the fraudulent actions. The different kinds of consumer fraud under this act are auto fraud, false advertising, insurance fraud, undue collection of debts and loans, deceptive internet practices and sale of defective materials and products.
When a deceptive act is done intentionally, the consumers fall a prey to such abusive action. The sufferers have the right to file a petition against such civil and criminal acts. The penalty is sought or the complaint is made at the state, federal or local level and it depends on the intensity of the wrong doing. Not a single industry or enterprise is free from frauds. The following sectors are responsible for fraudulent actions-
Credit counseling- The consumer fraud act encompasses the exploitation of consumer accounts by credit counseling companies. Under the federal trade commission, the consumers accuse for the fact that they are cheated by the providers and they are charged immensely for the services they provide.
Banking sectors– Most of the consumers take services from the banks. They complain for non sufficient funds or NSF and protest the mishandling of their debit and credit balances.
Insurance sector– The consumer fraud act also gives protection to the insurance sectors as unlawful practices are undertaken. These include cheating in marketing, red-lining and negations by the insurance companies when they are supposed to pay claims. Sometimes a complaint is also made when there is a sudden increase of premium.
Internet scam– This is another crime that is rising day by day and the consumers make a protest against it.
It is always advisable to seek the help of a consumer protective lawyer, if you think you are being duped.
Debt collection agency is necessary
A debt collection help is absolutely necessary to get your finances back. There are many financial institutions coming up to offer debt collection help. If you cannot pay back your debts and loans in time, the collection agencies will help you to pay off all your debts that are outstanding. They accumulate the amount into a single credit, which you can pay back very easily. Such an agency offering debt collection help provides you with better interest rates and they are very flexible. They are also easy to manage if compared with the previous outstanding balance.
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