Student Loan Collector That Harassed And Lied To Borrowers Ordered To Pay $18.5 Million

Discover Bank will have to pay out $18.5 million after the Consumer Financial Protection Bureau (CFPB) found that it had deceived student loan borrowers and violated their rights, the agency announced Wednesday.

Discover’s misdeeds include billing borrowers incorrectly, withholding accurate information that student loan borrowers need in order to claim federal tax deductions, harassing phone calls to debtors and other violations of collections law, and failing to correct their...

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