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News & Press: Press Releases

OLA Praises FTC Successful Halt to Fraudulent Debt Collector

Wednesday, April 11, 2012  
Posted by: Liz Jones
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Washington, D.C., April 11, 2012 – "The Online Lenders Alliance (OLA) is pleased to see that actions taken today by the Federal Trade Commission (FTC) against another fraudulent debt collector has resulted in a halt to the illegal conduct and a temporary freeze of the operation’s assets,” said Lisa McGreevy, President and CEO of OLA. "We will continue to work with the FTC and other law enforcement agencies to protect our customers from these fraudulent predators who threaten consumers into paying debts they don’t owe.”

OLA has taken steps to assist consumers impacted by fraudulent debt collectors. Consumers can report fraudulent calls on OLA’s online fraud reporting form at www.onlinelendersalliance.org or call the OLA Consumer Hotline at 1-866-299-7585. Additionally, OLA has hired Freeh Group International Solutions, a global risk management firm, to investigate fraudulent practices reported to OLA.

If contacted by a debt collector, customers should always ask for the amount owed, the name of debt collection agency, the name of the original creditor and a call-back number to a phone answered by a live person.                                                                              ###

The Online Lenders Alliance is a professional trade organization representing the growing industry of companies offering online consumer small, short-term loans. OLA member companies abide by a list of Best Practices and Code of Conduct to ensure that customers are fully informed and fairly treated.

The FTC’s news release can be found at http://www.ftc.gov/opa/2012/04/broadway.shtm.

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