Oklahoma Consumers Should Beware Fake 'Payday Loan' Collectors

Friday, July 15th 2011, 12:45 pm

By: News On 6


OKLAHOMA CITY -- The state attorney general is warning Oklahomans of a scam involving fraudulent loan companies. AG Scott Pruitt says representatives of the fake companies are contacting Oklahoma consumers trying to collect on a loan.

The caller tells consumers they must pay immediately or face default and even arrest. The companies usually have the word "federal" in their title and often have the consumer's bank account information and social security number which they purchased from a payday loan company used by the victim.

"Oklahomans should not give their bank information or authorize removal of funds over the telephone unless they initiate the call," Pruitt said.

A News On 6 employee was contacted by one of the companies recently after he looked into a payday loan. Because he never took out the loan, he knew the collection call was false.

Once consumers have been contacted in this scam, experts in the AG's Public Protection Unit said victims should close their bank accounts and put a fraud alert on credit accounts with the three credit reporting agencies. They also need to get a copy of their credit reports from each agency.

To avoid becoming a victim of such scams:

  • Do not disclose your checking account or credit card account number over the telephone for any reason, other than to buy the product or service being sold;
  • Do research about companies asking for money over the phone to make sure they are legitimate before sending money or giving personal information.

For more information or to report fraud, contact the AG's Public Protection Unit at 405-521-2029 or online at http://www.oag.ok.gov/.


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