Debt-Buyer Lawsuits and Inaccurate Data
Communities & Banking, v. 25, no. 2, spring 2014, p. 20-21.
3 Pages Posted: 13 Mar 2014 Last revised: 5 Jun 2014
Date Written: 2014
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.
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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
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