Consumer Complaints; Consumer Protection

Brief history of lending and debt

Hundreds of years ago, it wasn't hard to find unscrupulous lenders who took advantage of consumers. There was no one to listening to consumer complaints. Consumer complaints weren't even considered. In ancient Greece, the birthplace of democracy, a consumer was sold into bondage if they failed to pay a debt. It wasn't until 594 B.C. that someone finally heard consumer's complaints. Consumer debt was canceled and debt bondage was outlawed by Solon, an Athenian statesman and lawmaker.

The first institution to modernize lending practices and debt was the Italian banking system in the 1300s. Italian banks began using a bill of exchange to lend money. However, lending was only available to merchants and nobles and not the working class citizenry.

Lending continued to be reserved for upper-class citizens until fairly recently. Even American banks refused to lend to middle-class and working class America. Lending and debt collection was largely unregulated for most of recorded history. It wasn't until democratic governments got involved in regulating lending and debt collections that they addressed consumer complaints. Consumer complaints regarding debtors prison, unfair wage garnishment, and embarrassing and violent debt collection efforts were common in the 19th and early 20th century.

In 1928, National City Bank of New York became the first bank to offer interest rate loans to working-class Americans. During the Great Depression, the federal government encouraged more banks to lend to citizens so they could purchase homes and cars. More and more Americans were going into debt to purchase the things they wanted. Credit cards emerged in the 1950s, adding to consumers buying power and potential for debt.

And more and more people went into debt and defaulted on loans.

Consumer debt resulted in attempts by debt collection companies to recover the money owed to the creditor, either through payment in full or settlement. Regulators saw the need to address consumer complaints. Consumer complaints often originated from deceptive and abusive practices perpetrated by some lenders and debt collectors. The Fair Debt Collections Practices Act, or FDCPA, is a recent law passed to protect consumers and provide a road map for debt collectors to follow when pursuing consumers to recover money on behalf of a creditor.
 
NCO Financial Systems, Inc. is a global leader in providing accounts receivable and collection services for financial services, healthcare, commercial, utilities, communications, education, and government organizations. For over 80 years, NCO Financial Systems, Inc has been on the forefront of  helping to address consumer complaints. Consumer complaints are important to NCO Financial Systems, Inc. to resolve. That's why NCO Financial Systems, Inc. follows the FDCPA and has created  a consumer website at www.consumerhelpunit.org to answer consumer complaints, consumer questions or provide contact information.

We are required under state and federal law to notify consumers of the following rights. This list does not contain a complete list of the rights consumers have under state and federal law. Please click this link for important information about your rights. State and Federal Disclosure Link.