Collections Agencies
TrueAccord Corp.Find BBB Accredited Businesses in Collections Agencies.
About
Important information
- Government Actions:Government Action: BBB reports on known government actions involving business’ marketplace conduct:Colorado Attorney General
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
On January 16, 2024, TrueAccord Corp. entered into an assurance of discontinuance with the Office of the Colorado Attorney General. The assurance settles allegations that from 2017 to 2022, TrueAccord collected or attempted to collect on roughly 29,000 consumers who defaulted on loans issued by lending entities owned by federally-recognized Native American tribes. These lenders typically operate online and advertise to consumers that their loans are subject to tribal law, rather than Colorado law. Most loans had interest rates over 500% annual percentage rate (APR), and some approached 900% APR, which is far greater than the 12% cap for unlicensed loans under Colorado law. Under the assurance, TrueAccord will pay $500,000 to the state of Colorado to be used for consumer refunds, will not collect any debts where the loan creating the debt was made in Colorado and exceeds the finance charge caps, will provide the state with a list of affected consumers within 30 days and will retain its license to operate in Colorado in compliance with the law and consistent with the order. TrueAccord denied its conduct violated any Colorado law and denied all allegations of wrongdoing. The assurance was for settlement purposes only and should not be considered as an admission of guilt or finding of violation of the law.
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation. BBB charges a fee for BBB Accreditation. This fee supports BBB's efforts to fulfill its mission of advancing marketplace trust.