West Asset Management Inc

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Website:  www.westassetmanagement.com

Adresses:

• 171 Mercy Rd., Omaha, NE 68106
• 408 Fort Crook Rd S # 102 Bellevue, NE  68005-2988
  Tel: (402) 682-6100
• 2253 Northwest Pkwy SE Marietta, GA  30067-8764
• 11808 Miracle Hills Dr Omaha, NE  68154-4403
  

Number of Years in Business: 4

Employees: 47,000

President: Mick Mazour

VP of Finance: Pam Kilzer

Phone: (402) 391-5285/ (800) 397-7243/ (402) 342-6666/ (402) 398-1101/ (800) 922-2418/ (800) 879-4358/ (402) 391-5285/ (402) 397-9920/ (800) 747-7243/ (888) 433-2886

Better Business Bureau Report Summary

We researched the Better Business Bureau reports on this company as of February 15, 2012 and found the following data:

Number of complaints processed by the BBB
- in the last 36 months: 162 complaints
- in the last 12 months: 65 complaints

The agency maintains an “A+ Rating” due to its handling of complaints filed.

State and Federal Regulatory Actions

West Asset Management Inc Agrees to Pay Record $2.8 Million to Settle FTC Charges

A leading debt collection company has agreed to pay a civil penalty of $2.8 million to settle Federal Trade Commission charges that its aggressive collection techniques violated federal law. As part of its efforts to protect consumers affected by the struggling economy, the FTC alleged that West Asset Management, Inc. violated the FTC Act and Fair Debt Collection Practices Act.

According to the FTC’s complaint, thousands of consumer complaints have been filed against West Asset Management Inc., which employs 1,500 debt collectors in 13 states and one offshore location. West Asset Management Inc. debt collectors allegedly violated the Fair Debt Collection Practices Act by calling consumers multiple times each day, often regarding accounts that did not belong to them, and sometimes using rude and abusive language. The FTC further charged that West Asset Management also illegally disclosed the existence of consumers’ debts to third parties and ignored consumers’ written demands that West Asset Management stop calling them.

The company also allegedly withdrew funds from consumers’ bank accounts or charged their credit cards without consent and falsely claimed that consumers would be sued, arrested, or have their property seized for nonpayment of their debt. In addition, the FTC alleged that West Asset Management Inc falsely claimed that partial payments would be accepted as full settlement on accounts and that negative information would stay on consumers’ credit reports until debts were paid. According to the complaint, West Asset Management has collected on more than 24 million accounts on behalf of clients in the healthcare, telecommunications, consumer credit, and government service industries.

The settlement imposes a $2.8 million civil penalty, which is the largest civil penalty obtained by the FTC in a debt collection case. The settlement order permanently prohibits West Asset from using false, deceptive or unfair debt collection tactics, including:

• Misrepresenting itself as a law firm or that its collectors are attorneys;
• Misrepresenting that debtors will be arrested or have their property seized if they don’t pay;
• Threatening actions that would be illegal, or actions that the company has no intention of taking;
• Making false statements to collect a debt or obtain information about a consumer;
  
• Withdrawing funds from consumers’ bank accounts or charging their credit cards without their consent;
  
• Depositing postdated checks before the date on the check, or threatening to do so;
  
• Revealing to third parties that a consumer owes a debt;
  
• Asking a third party for a consumer’s location information more than once without the third party’s consent or a reasonable belief that the person’s earlier response was wrong or incomplete and that the person now has correct location information;
  
• Calling consumers before 8 a.m. or after 9 p.m., or at their workplace;
  
• Communicating with a consumer after receiving written notice that the consumer refuses to pay or wants the collector to stop calling; and
  
• Using obscene or profane language, or harassing consumers with repeated phone calls.

The Commission vote authorizing the staff to refer the complaint to the Department of Justice, and to approve the proposed consent order, was 5-0. The DOJ filed the complaint and proposed consent order on behalf of the Commission in U.S. District Court for the Northern District of Georgia, Atlanta Division on March 10, 2011. The consent order was entered by the court on March 15, 2011.

NOTE: The Commission authorizes the filing of a complaint when it has “reason to believe” that the law has been or is being violated, and it appears to the Commission that a proceeding is in the public interest. The complaint is not a finding or ruling that the defendant has actually violated the law. This consent order is for settlement purposes only and does not constitute an admission by the defendant of a law violation. Consent orders have the force of law when signed.

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