Bank of America Sells Credit Card Debts to Collectors Despite Inaccurate Records

April 16, 2012 Posted by kingcade

There have been countless lawsuits filed against collection agencies for unlawful debt collection practices. Agencies such as CACH LLC have been buying debt from banks, like Bank of America for a number of years. In many cases the banks are selling debt and not providing proper legal documentation as to who swore in the affidavits or who the actual debtor was. In other cases, Bank of America sold debt to CACH LLC, in which some payments had been made, but banks failed to credit the borrowers.

Thousands of lawsuits have been filed due to the inaccurate debt Bank of America sold to CACH. In many cases where collection agencies file a suit against a borrower and the borrower does not show up for the hearing, a default judgment occurs. However, in some cases the borrower will fight the claim in which the collection agency would be found at fault due to inadequate documentation. Many court officials believe the banks should be held accountable, because in these cases, the suits stem from their inability to produce adequate documentation.

To read more on this story visit: http://www.americanbanker.com/issues/177_62/bofa-credit-cards-collections-debts-faulty-records-1047992-1.html?zkPrintable=1&nopagination=1

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