Debt Collection Company Barred From Colorado

November 21, 2011
credit card news

A company that thrived on collecting bad debt from consumers has been ordered to stop operating in Colorado. The order bans Regent Asset Management Solutions and its CEO, Michael A. Scata, from engaging in debt collection, for which it does not have a license, according to a statement from state Attorney General John Suthers. Additionally, the company also must pay the state $70,000 in civil fines for violating the Colorado Consumer Protection Act. The decision stems from a December 2010 lawsuit that accused the company of collecting debts from consumers in the state even after its license to do so lapsed in July of that year. Regent also failed to produce for consumers sufficient proof that they owed the debts it was attempting to collect, frequently rendering them unable to determine the accuracy of the claims being made against them.
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