Protecting the Rights of Consumers For Over 25 Years

The Attorney  General of Colorado has  announced a settlement with collection agency TrueAccord concerning attempts to collect high-interest Internet loans purportedly made by tribal lending entities.  Between 2017 and 2022, TrueAccord attempted to collect money from 29,000 consumers who had defaulted on "tribal" loans, mostly at annual percentage rates over 500%.  The Attorney General charged that by telling consumers they owed the full balance on illegal loans, TrueAccord violated the state Fair Debt Collection Practices Act.  TrueAccord agreed to pay  $500,000, which will be used to repay consumers who made payments on the illegal loans.  TrueAccord  is also prohibited from collecting on any debt where the original loan’s APR exceeds state limits.