TCM 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 TCM Financial Services?
TCM Financial Services , LLC. (TCM) is a third-party collection agency based in California. TCM has received consumer complaints alleging violations of the Fair Debt Collection Practices Act (FDCPA), such as attempting to collect debts not owed and harassment. If TCM has contacted you about past due financial obligations,be sure you know your rights before you take action.
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Is TCM Financial Services a scam?
They’re legit. According to the Better Business Bureau (BBB), TCM Financial Services, LLC was founded in 2003 and incorporated in 2004. The BBB lists TCM as a collection system. Buzzfile estimates TCM’s annual revenue at $150,000 and the size of its headquarters staff at 2 employees.
According to its website, TCM“is a nationwide debt collection agency …with over 20 years of experience…in salvaging … revenue after all … recovery efforts have been exhausted.” TCM utilizes “numerous databases used by government and law enforcement agencies… to track down …hard-to-reach debtors” and employs “agents who use aggressive but ethical collection tactics…to always represent… businesses in a professional manner.”
TCM Financial Services collects delinquent debts for a wide variety of businesses and industries, including timeshare and resort rental fees and maintenance dues; delinquent mortgages and homeowner association payments; check payments returned for non-sufficient funds (NSF); delinquent promissory notes and post-judgement collection accounts; healthcare, medical service provider, and dental service bills; debts associated with government agencies; delinquent student loans; delinquent rental and lease agreements; automotive loans; and credit card bills. TCM also accepts commercial business-to-business accounts.
TCM Financial Services provides collection services on a contingency basis and does not charge clients unless they successfully recover funds. They utilize cutting-edge technology and the latest industry innovations. TCM collectors “understand hardship and assist each case with real-time asset information.” TCM reports delinquent debts on a monthly basis to all three national credit reporting agencies.
The TCM website includes a list of Frequently Asked Questions that provides a link to the FDCPA on the website of the Federal Trade Commission (FTC), but it is masked and must be accessed by clicking on the “what is the FDCPA?” question link. Their site is entirely client-facing and does not provide any detailed information about their regulatory compliance policies. There are no additional links or references 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 TCM Financial Services?
As of October 2019, the BBB has given TCM Financial Services a rating of F, citing its failure to respond to or resolve several complaints. The BBB has also posted a Notice of Government Action on TCM’s profile page. The BBB has closed 12 complaints against TCM Financial Services in the preceding three years, with 5 complaints closed in the previous 12 months. Almost all of those complaints alleged problems with billing and collections. The Consumer Financial Protection Bureau (CFPB)has not posted any complaint data about TCM. Justia lists at least 3 cases of civil litigation involving TCM.
TCM Financial Services, LLC PO Box 911138 Los Angeles, CA 90091 Telephone:(562) 942-2828
Can TCM 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 PRS 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!
In January 2014, in United States District Court for the Eastern District of California, a judge issued a decision in a case alleging TCM Financial Services had violated both the federal and California state FDCPA laws. In this case, the plaintiff alleged that TCM “repeatedly contacted her place of work in an attempt to collect an alleged debt, including contacting her supervisor and disclosing the alleged debt…She also alleged that TCM made false threats, … including a threat to file a lawsuit and garnish her wages…Finally, she alleged that TCM Financial Services failed to identify itself as a debt collector in several communications.” The plaintiff submitted proof to the court that TCM had been properly serviced with a summons and complaint four separate times before it was accepted and had also submitted evidence that she had attempted to serve TCM nine separate times at one of its many addresses of record. TCM failed to respond to any of the plaintiff’s complaints and failed to appear at the hearing regarding her complaint. As a result, she requested default judgement against TCM at the January 2014 hearing. She requested $2,000 in statutory damages for violations of both state and federal FDCPA laws. She also requested $12,800 in actual damages, which included financial losses due to directly to TCM Financial Services’ calls at her place of employment and an additional $5,000 in damages for emotional distress and psychological damage. She also asked for $7,657.00 in attorney’s fees.
The court acknowledged the difficulty in serving TCM Financial Services with the summons and complaint and stated that the facts in the complaints were straightforward. They agreed that TCM’s failure to respond or to appear in court entitled her to a default judgement. The court stated she had submitted sufficient evidence to warrant an award of statutory and actual damages in the amount of $14,800.00. Although the court reduced the amount of her request for attorney’s fees to $4,300.00, they issued a final decision in her favor.
In addition, the BBB has posted the following notice on TCM Financial Services’ profile page:
“The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency:
“…TCM… has engaged in collection activity in Alberta, Canada without the necessary collection agency license. TCM, … individually or through any employee, representative or agent, must not engage in collection activities in Alberta until a collection agency license is secured. To review the entire order, please visit: http://www.servicealberta.ca/pdf/directors-orders/TCM_Financial_Services_LLC.pdf.”
TCM 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.
“When I first contacted Lemberg Law, I was at my wits end, not knowing what to do or how to protect myself against the collection agencies. I felt like I was sinking. After sending in my case evaluation, Lemberg Law quickly threw me a lifeline and turned the tide.”
“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.”
“Thanks to the staff at Lemberg Law, I have peace of mind again. They worked quickly to find the harassing calls ended and were super considerate when I spoke together. I love the hard work!”
“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!”
Can You Help Me Delete TCM Financial Services from My Credit Report?
We can absolutely help. Call us today.
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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.