I wanted to address this situation due to the millions of consumers who are getting unexpected checks in the mail and don’t know why. Many of these consumers are afraid the checks are part of scam and are afraid to cash them.
The government agencies, the Consumer Financial Protection Agency (CFPB) and the Federal Trade Commission (FTC), have been very active in settling cases against companies’ wrong doings, resulting in millions of dollars in settlements. Checks are being mailed out to consumers who are entitled to money as part of each settlement.
Some of the refunds are due to illegal foreclosures, debt collection practices and more recently, diet supplements. In September 2015, the CFPB announced a settlement against two large debt collectors. They claim the two companies will be refunding consumers over $60 million dollars. On November 20, 2015, the FTC announced it was mailing refund checks to 1,596 consumers who purchased a certain dietary supplement. It looks like these consumers will receive a check in the mail for approximately $156.00.
If you are one of the lucky consumers receiving these checks, you may want to act fast. From what I understand, the diet supplement settlement only allows consumers 60 days from issue date of the check to cash it or it will become void.
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Credit Reporting / Scoring Expert, Chris McConville is the President of Credit Education at CureMyScore.com and founder of myexpertcreditwitness.com where he works as an Expert Credit Witness work in both Federal and State Court. With more than 20 years experience working in credit along with his extensive past Mortgage Originating career, he’s dedicated to sharing his knowledge to educating consumers.
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