Credit Report, Debt Collection Scams Target Elderly

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Mortgage scams have emerged as the leading source of complaints consumers have filed with the Consumer Financial Protection Bureau (CFPB), also referred to as the Consumer Bureau, since that organization was started back in 2011 in the wake of The Great Recession.

What caught our attention is this fact: Credit reports and debt collection are the second- and third-leading source of complaints form older consumers — complaints involving either inaccurate debt reporting or debt collectors using harassment, threats and abusive language, all forbidden by the CFPB.

“Many older consumers are at increased risk because of health or living conditions, including cognitive decline, isolation, disability or the recent loss of a loved one,” the report said. “These conditions can make seniors more appealing targets for scammers, more susceptible to misleading advertising, or more prone to misunderstanding confusing terms or fee schedules.”

For more info, check out the article on this website:

http://www.investmentnews.com/article/20171012/FREE/171019976/report-details-rampant-elder-financial-abuse

InvestmentNews.com published an eye-opening report related to this topic online previously that demands our attention, and needs to be shared widely to warn people of this growing danger to our elderly citizens:

http://www.investmentnews.com/article/20170403/FEATURE/170339977

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