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Debt-Buyer Lawsuits and Inaccurate Data

Communities & Banking, v. 25, no. 2, spring 2014, p. 20-21.

U of Maryland Legal Studies Research Paper No. 2014-14

3 Pages Posted: 13 Mar 2014 Last revised: 5 Jun 2014

Peter A. Holland

University of Maryland Francis King Carey School of Law; The Holland Law Firm

Date Written: 2014

Abstract

Pursuant to secret purchase and sale agreements (also known as forward flow agreements), the accounts that banks sell to debt buyers are often sold “as is,” with explicit and emphatic disclaimers that the debts may not be owed, the amounts claimed may not be accurate, and documentation may be missing. Despite their full knowledge that the accuracy and completeness of the data has been specifically disclaimed by the bank, when they sue consumers, debt buyers tell courts that the information obtained from the bank is inherently reliable and accurate. In order to avoid a fraud on the courts, the contents of these purchase and sale agreements should be made public.

"The views expressed are not necessarily those of the Federal Reserve Bank of Boston or the Federal Reserve System. Information about organizations and upcoming events is strictly informational and not an endorsement."

Keywords: consumers, creditors, bankruptcy, consumer law, due process, pro se, legal ethics, professional responsibility, role of judge, forgery, self help, default judgment, affidavit judgment, Maryland, District Court, sewer service, service of process, debt buyer, consumer debt, small claims, purchased deb

Suggested Citation

Holland, Peter A., Debt-Buyer Lawsuits and Inaccurate Data (2014). Communities & Banking, v. 25, no. 2, spring 2014, p. 20-21.; U of Maryland Legal Studies Research Paper No. 2014-14. Available at SSRN: https://ssrn.com/abstract=2407929

Peter Holland (Contact Author)

University of Maryland Francis King Carey School of Law ( email )

500 West Baltimore Street
Baltimore, MD 21201-1786
United States
410 706 4256 (Phone)

The Holland Law Firm ( email )

914 Bay Ridge Road, Ste. 230
Annapolis, MD 21403
United States

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