by: Michael Creditfirm.
West Asset Management Bio
Founded in 1986 and headquartered in Omaha, Nebraska, West Asset Management is a licensed collection agency with 14 locations in 13 states plus an offshore location in Makati City, Philippines. West Asset Management services clients within the communications, financial services, government, healthcare, higher education, insurance, and utilities industries. West Asset Management typically buys older debt at a substantial discount in an attempt to collect from the consumer.
West Asset Management Complaints
There have been several complaints against West Asset Managements collection procedures. According to several sources, West Asset Management consistently fails to validate debt and disclose all information on their debt. They have also been known to contact consumers regarding already paid accounts, threatening to illegally withdraw money from bank accounts, calling consumer’s family members and places of employment, leaving offensive/harassing voicemails and text messages.
In 2011, the FTC levied a $2.8 million fine (the largest fine against a collection agency to date), against West Asset Management for the following violations:
• Misrepresenting that debtors will be arrested or have their property seized if they don’t pay;
• Making false statements to collect a debt or obtain information about a consumer;
• Withdrawing funds from consumers’ bank accounts or charging their credit cards without their consent;
• Depositing postdated checks before the date on the check, or threatening to do so;
• Revealing to third parties that a consumer owes a debt;
• Asking a third party for a consumer’s location information more than once without the third party’s consent or a reasonable belief that the person’s earlier response was wrong or incomplete and that the person now has correct location information;
• Calling consumers before 8 a.m. or after 9 p.m., or at their workplace;
• Communicating with a consumer after receiving written notice that the consumer refuses to pay or wants the collector to stop calling
• Using obscene or profane language, or harassing consumers with repeated phone calls.
The Solution for West Asset Management Collection
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