LCS Financial Services is a debt collection agency, which receives a lot of consumer complaints to our law firm for debt harassment. Find out who they are, why they might be calling, and how you can stop them.
What is LCS Financial Services?
LCS Financial Services, Inc. (LCS) is a third-party collection agency based in Colorado that specializes in collecting delinquent student loans, home loans, and auto loans. LCS has received consumer complaints alleging violations of the Fair Debt Collection Practices Act (FDCPA), such as failing to provide written verification of debts and sharing information about debts with unauthorized third parties. If LCS has contacted you about past due collection items,make sure you know your rights before you take action.
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Is LCS Financial Services a scam?
They’re legit. According to the Better Business Bureau (BBB), LCS Financial Services, Inc. wasfounded and incorporated in 2005. The BBB established a profile page for LCS in 2008, and LCS has been a BBB-accredited business since 2010.The BBB lists LCS as a collection agency. Buzzfile estimates LCS’s annual revenue at $7.6 million and the size of its headquarters staff at 48 employees.
According to its website, LCS Financial Services “is a full-service collection agency with the expertise and scalability to manage high-volume debt portfolios.” LCS states that it is “trusted by top financial institutions…to drive recovery results with adaptable collection strategies, professionalism, and compliance.”
LCS is “able to recover on all types of early stage and charged-off receivables,” but they “specialize in the recovery of mortgage, auto, and student loans.” LCS’s mortgage recovery division utilizes “targeted loss mitigation solutions…to help financial institutions navigate the complexities of mortgage debt.” Their auto finance division offers “full-service outsourcing or stage-specific assistance…to provide… affordable, proactive solutions that increase revenue and maximize …recoveries.” LCS’s student loan division provides “recovery solutions …uniquely managed and supported by professionals who understand the collection nuances and challenges facing the education industry.”
LCS Financial Services also provides collection solutions “tailored for credit unions…with recovery solutions that are uniquely managed and supported by in-house credit union professionals.” They also offer a legal referral program that uses “investigative solutions to identify collectible borrower assets, …then prepares documentation and refers identified accounts to… their nationwide network of collection attorneys.” Finally, their bankruptcy division uses “a specialized recovery effort …to guard against risk and error while increasing control over critical recovery processes.”
LCS cites affiliation with several professional associations, including the International Association of Credit and Collection Professionals (ACA International) and the Receivables Management Association (RMA). LCS employs “corporate counsel to monitor… and maintain… standards of compliance with federal, state, and industry regulations that govern debt collection.” Collection staff undergo “extensive training on the FDCPA.” However, their Resources page does not provide any information or links to consumer protection resources, laws, or enforcement agencies.
Who are we? We are Lemberg Law, a Consumer Law Firm
Lemberg Law is a consumer law firm helping victims of collection harassment and abuse. We are ranked A+ by the BBB. We’ve helped more than 15,000 consumers stop harassment and recover money from debt collectors. Harassed? Abused? Misled by a collector? Call our Helpline today! There is no charge unless we win.
How many Complaints are there against LCS Financial Services?
As of October 2019, the BBB has closed 12 complaints against LCS Financial Services in the preceding 3 years, with 7 complaints closed in the previous 12 months. Most of those complaints alleged problems with billing and collections.As of July 2013, the Consumer Financial Protection Bureau (CFPB)has closed 30 complaints involving LCS. Justia lists at least 6 cases of civil litigation involving LCS.
LCS Financial Services, Inc. 6782 S. Potomac Street, Suite 100 Centennial, CO 80112 Telephone:(888) 485-8856
Can LCS Financial Services Sue Me or Garnish My Wages?
It is illegal for a debt collector to make empty threats to sue you or garnish your wages. It is also unlikely LCS would sue you for a debt you may not owe or they cannot validate. However, debt collection agencies are known to have summoned debtors to court and garnish wages after a default judgement. Contacting an attorney BEFORE this could possibly happen would be a smart move. We’ve helped thousands of consumers fight back against unscrupulous debt collection harassers. Find out if we can help you too today!
Complaints against LCS Financial Services cite problems resulting from disputes about the validity of debts and the accuracy of billing and accounting procedures. In June 2016, a complainant stated that LCS had contacted him about “a debt that had passed its statute of limitations years ago.” According to the complainant, the debt no longer appeared on his credit report “and wasn’t there even when he had filed for personal bankruptcy” 8 years earlier.Allegedly, LCS called the complainant and told him that he “owed tens of thousands of dollars and… needed to make a payment.” The complainant stated that the LCS representative “then read him a disclosure at light speed.” Subsequently, when the complainant stated that he didn’t understand what he had said, the LCS representative only responded that he was “sorry to hear that.” The complainant told the LCS representative that he currently had no income, was raising children, and had no property, so he was unable to make payments; and, regardless, he“didn’t understand the debt” LCS Financial Services was trying to collect. He also said he had received a collection letter stating that he owed a large sum of money for several outstanding loans, and that the LCS representative told him that because he “had a phone, … the whole raising kids-no job excuse meant nothing to him.” The LCS representative allegedly“marked it down as a refusal to pay.” When the complainant “called back and talked to a supervisor, … he was told that all the legal talk at light speed basically said that LCS knew the debt expired, that they couldn’t take legal action, and that they couldn’t attach his credit report unless he made a payment.” As a result, the complainant accused LCS of “trying to trick him into hurting himself” by misleading him about the legal status of the debt.
In January 2019, a complainant stated that LCS had contacted him about a $33,000 loan repayment. The complainant stated that the loan had not been repaid in over 10 years, and that now LCS Financial Services was calling to make an offer of settlement for $8,000. The complainant stated he had tried to contact LCS to discuss the settlement further. The LCS representative he spoke with allegedly identified himself as the director of the collections division and then refused to listen to any settlement offers from the complainant. The complainant stated he had made a counteroffer to settle the debt, but LCS was unwilling to cooperate. He also stated that when he told LCS he was recording the call, the representative became rude and non-responsive.
In both cases, LCS Financial Services denied the allegations made by the complainants and stated that they had acted in accordance with all collection laws and contractual requirements.
LCS Financial Services Calling You?
Federal laws protect you. The Fair Debt Collections Practices Act (FDCPA) regulates the behavior of collection agencies by prohibiting actions such as the use of abusive or threatening language; harassment; or the use of false or misleading information to collect a debt. The FCRA regulates how collection agencies and creditors report delinquent debts to credit reporting agencies. Additional consumer protection laws include the Telephone Consumer Protection Act (TCPA) and the Consumer Financial Protection Act (CFPA).
But here’s the rub: If you want to enforce your rights, or recover money for violations — you need to sue. These laws provide individuals like you with a means to seek monetary damages in court. For example, the FDCPA allows consumers who have been violated to recover damages of up to $1,000, plus attorney fees and court costs.
“I used to get up to 15 calls a week from several collection agencies. It got so bad I felt like I should just get a new phone number to make it quit. Happily, I discovered Lemberg Law. They immediately put an end to the calls. Now, when my phone rings I do not dread it.”
“I would recommend your company to anyone. You have the debt collectors off my back, and I will finally see the light at the end of the tunnel. Throughout the entire procedure your employees were courteous and professional. I was blown away by their efficacy also.
“Prior to contacting you, we had tried repeatedly to handle this matter without threatening litigation. In the end, not only were they unapologetic, but they were dismissive – even of an attorney friend who called on our behalf. Sincerest thanks for resolving this matter for us!”
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About the Author:
Sergei Lemberg is a lawyer whose practice focuses on consumer law, class actions and personal injury litigation. He has been repeatedly recognized as the “most active consumer attorney” in the country. In 2020, Mr. Lemberg represented Noah Duguid in the United States Supreme Court in the case entitled Duguid v. Facebook. He is the author of Defanging Debt Collectors, a book that teaches consumers how to battle debt collectors and win.