The Federal Trade Commission (FTC) is an independent agency of the United States government whose principal mission is the enforcement of civil (non-criminal) U.S. antitrust law and the promotion of consumer protection. The FTC shares jurisdiction over federal civil antitrust enforcement with the Department of Justice Antitrust Division. The agency is headquartered in the Federal Trade Commission Building in Washington, DC.
Unfair business practices encompass fraud, misrepresentation, and oppressive or unconscionable acts or practices by business, often against consumers, and are prohibited by law in many countries. For instance, in the European Union, each member state must regulate unfair business practices in accordance with the Unfair Commercial Practices Directive, subject to transitional periods. Unfair business practices may arise in many areas, including:
TransUnion is an American consumer credit reporting agency. TransUnion collects and aggregates information on over one billion individual consumers in over thirty countries including "200 million files profiling nearly every credit-active consumer in the United States". Its customers include over 65,000 businesses. Based in Chicago, Illinois, TransUnion's 2014 revenue was US$1.3 billion. It is the smallest of the three largest credit agencies, along with Experian and Equifax.
Trump University was an American company that ran a real estate training program from 2005 until 2010. It was owned and operated by The Trump Organization. A separate organization, Trump Institute, was licensed by Trump University but not owned by The Trump Organization. In 2011, amid multiple investigations, lawsuits and student complaints, it ceased operations. It was founded by Donald Trump and his associates, Michael Sexton and Jonathan Spitalny, in 2004. The company offered courses in real estate, asset management, entrepreneurship, and wealth creation.
BlueHippo Funding, LLC was an installment credit company operating in the USA founded by Joseph Rensin that claimed to offer personal computers, flat-screen televisions and other high-tech items for sale to customers with poor credit. In an article published November 25, 2009 titled BlueHippo files for bankruptcy: Company blames its bank; was accused of violating settlement with FTC, Eileen Ambrose reported that the company "was forced to file for protection under Chapter 11." On Wednesday December 9, 2009, the company filed for Chapter 7 bankruptcy after having its funds frozen by their payment processor. A petition to a Delaware bankruptcy judge to release the funds was denied. The company's advertised toll-free phone number and website are no longer functioning.
Debt settlement is a settlement negotiated with a debtor's unsecured creditor. Commonly, creditors agree to forgive a large part of the debt: perhaps around half, though results can vary widely. When settlements are finalized, the terms are put in writing. It is common that the debtor makes one lump-sum payment in exchange for the creditor agreeing that the debt is now cancelled and the matter closed. Some settlements are paid out over a number of months. In either case, as long as the debtor does what is agreed in the negotiation, no outstanding debt will appear on the former debtor's credit report.
Vertrue Incorporated, headquartered in Norwalk, Connecticut, is an American consumer services marketing company. The company again received an "F" from the Better Business Bureau for making unauthorized charges to its customers' credit cards. In 2007 it was acquired by a trio of investment firms, including Rho Ventures. In 2010, Vertrue and two of its subsidiaries were found guilty of defrauding nearly 500,000 of their customers in Iowa.
CXLoyalty is a private company based in Stamford, Connecticut that provides customer engagement and loyalty programs. Affinion designs, markets, and services programs that deal with customer relationships for other businesses. The company says it reaches 250 million consumers in 20 countries. In 2006, Affinion Group was cited by Forbes as number 321 on its list of largest private companies.
A debt buyer is a company, sometimes a collection agency, a private debt collection law firm, or a private investor, that purchases delinquent or charged-off debts from a creditor or lender for a percentage of the face value of the debt based on the potential collectibility of the accounts. The debt buyer can then collect on its own, utilize the services of a third-party collection agency, repackage and resell portions of the purchased portfolio, or use any combination of these options.
Les Henderson is a Canadian consumer fraud author and webmaster of Crimes of Persuasion, a consumer-fraud awareness site.
Just Energy Group Inc. is a Canadian-based natural gas and electricity retailer operating in Canadian and American markets across North America, and in Germany, Ireland and Japan.
Lori Swanson is an American lawyer and politician who served as the Attorney General of Minnesota from 2007 to 2019. She was the first female Attorney General elected in Minnesota. In 2018, she ran for Governor of Minnesota with running mate U.S. Representative Rick Nolan finishing in third place in the Democratic-Farmer-Labor primary.
Movieland, also known as Movieland.com, Moviepass.tv and Popcorn.net, was a subscription-based movie download service that has been the subject of thousands of complaints to the Federal Trade Commission, the Washington State Attorney General's Office, the Better Business Bureau, and other agencies by consumers who said they were held hostage by its repeated pop-up windows and demands for payment, triggered after a free 3-day trial period. Many said they had never even heard of Movieland until they saw their first pop-up. Movieland advertised that the service had "no spyware", and that no personal information would need to be filled out to begin the free trial.
Forum, formerly known as the National Arbitration Forum (NAF) is an American organization that provides arbitration and mediation services to businesses, based at its Minneapolis headquarters and offices in New Jersey. The organization was founded in 1986. As of 2008, the National Arbitration Forum administered over 200,000 cases a year, most of which were consumer debt collection cases. In 2009, the National Arbitration Forum ceased administration of new consumer arbitrations as part of a consent decree with the Attorney General of Minnesota Lori Swanson concerning the NAF's ties with debt collection firms. The company maintains a panel of over 1,600 arbitrators and mediators who are attorneys and former judges located across the United States and in 35 countries around the world. Panelists arbitrate and mediate the disputes.
Consumer protection is the practice of safeguarding buyers of goods and services, and the public, against unfair practices in the marketplace. Consumer protection measures are often established by law. Such laws are intended to prevent businesses from engaging in fraud or specified unfair practices in order to gain an advantage over competitors or to mislead consumers. They may also provide additional protection for the general public which may be impacted by a product even when they are not the direct purchaser or consumer of that product. For example, government regulations may require businesses to disclose detailed information about their products—particularly in areas where public health or safety is an issue, such as with food or automobiles.
Sleepy's was a retail mattress chain with over 1,000 stores, primarily situated in the northeastern United States. The company was founded in New York City in 1931. Sleepy's was acquired by Mattress Firm in December 2015 and all stores were rebranded under the Mattress Firm name on January 1, 2017, but the website continued as an online retailer until 2018. Mattress Firm now uses the Sleepy's name for their private label mattresses.
MyLife is an American information brokerage firm founded by Jeffrey Tinsley in 2002 as Reunion.com. In addition to that name it previously conducted business as Wink.com.
Andrew Bachman is an American entrepreneur and investor. He is the founder of several companies, including Game Plan Holdings; after being charged with mobile cramming by the Federal Trade Commission, he resigned as president, chief executive officer, chief financial officer and chairman of Game Plan Holdings on February 11, 2014. He later agreed to a settlement with the FTC that includes a monetary judgment of more than $97 million. The judgment was partially suspended based on Bachman’s inability to pay the full amount, after he turned over nearly all of his assets.
Navient is a U.S. corporation based in Wilmington, Delaware, whose operations include servicing and collecting student loans. Managing nearly $300 billion in student loans for more than 12 million debtors, the company was formed in 2014 by the split of Sallie Mae into two distinct entities: Sallie Mae Bank and Navient. Navient employs 6,000 individuals at offices across the U.S. As of 2018, Navient services 25% of student loans in the United States.
The Arizona Consumer Fraud Act (ACFA) is a package of Arizona state laws that give protections to consumers in almost any kind of transaction related to the sale or advertisement of merchandise. Both the state and a private citizen may bring action under the act, however a private citizen's lawsuit must be brought within one year from the date of the claim.
