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TrueAccord Corp.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.
About This Business
Business Details
- Local BBB:
- BBB of Midwest Plains
- BBB File Opened:
- 12/30/2019
- Business Started:
- 1/11/2013
- Business Started Locally:
- 1/1/2019
- Business Incorporated:
- 1/11/2013
- Type of Entity:
- Corporation
- Business Management:
- Mark Ravanesi, Chief Executive Officer
Additional Contact Information
- Principal Contacts
- Mark Ravanesi, Chief Executive Officer
Additional Information
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- Collections Agencies
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