Wilshire Consumer Credit is a subprime lending company 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.
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Wilshire Consumer Credit is a consumer finance company based in Los Angeles, CA. Wilshire Consumer Credit has received a number of very serious consumer complaints alleging violations of the Fair Debt Collections Practices Act (FDCPA) such as using false and misleading information, and other financial crimes. If you are attempting to resolve a dispute with Wilshire Consumer Credit, make sure you know your rights before taking action.
Wilshire Consumer Credit is a wholly owned subsidiary of Westlake Services, LLC located in Los Angeles, CA. According to the Better Business Bureau (BBB), Wilshire was founded in 1988 and incorporated in 2010. The BBB categorizes Wilshire as a consumer finance and loan company. Buzzfile estimates Wilshire’s annual revenue at $4.2 million.
Wilshire’s parent company is Westlake Services, LLC, also located in Los Angeles, CA. According to the BBB, Westlake has the same founding and incorporation dates as Wilshire and is also listed as a consumer finance and loan company. Alternate business names include Westlake Financial Services. Buzzfile estimates Westlake’s annual revenue at $61.5 million.
Wilshire’s main source of revenue is derived from its “Auto Equity Loan Program [that] compliments your current loan options by providing higher-limit loans to customers with valid titles to their vehicles.” In other words, Wilshire enables consumers who own their vehicles to offer them as collateral for cash loans of up to $50,000.00. Selling points include a loan process conducted entirely online; financial backing by their own auto finance company; immediate approval; and a policy that does not require borrowers to provide Wilshire with a set of keys.
Wilshire’s website includes a link to two Frequently Asked Questions pages—one for potential borrowers and one for auto dealers and other financial and loan servicing organizations. An illustration of how their program works uses an example loan with a 70% annual percentage rate (APR).
Westlake sells itself as a lender that “offers competitive financing options for customers in all categories of the credit spectrum.” Their website offers direct online auto financing with instant approval through their own network of dealers.
The BBB has closed 32 complaints against Wilshire in the past three years, with 11 closed in the past twelve months. Complaints are evenly split between billing and collection issues and customer service. The BBB has closed 377 complaints against Westlake in the past three years, with 135 closed in the past twelve months. Most complaints were about billing and collection issues, with a large number of complaints about customer service, as well. Both companies have posted on their BBB profiles a Notice of Government Action dated October 2015. In addition, the BBB has posted an Alert on the profile page of Westlake indicating a pattern of complaints resulting from inaccurate reporting of information to the credit reporting agencies. Justia lists at least 10 cases of civil litigation in which Westlake Financial is named as a defendant.
Absolutely. Here are some Sample Complaints in Federal Court.
In October 2015, the Consumer Financial Protection Bureau (CFPB) issued an enforcement action against Wilshire and Westlake “for pressuring borrowers using illegal debt collection tactics.” After an investigation into complaints of misconduct, the CFPB found that both companies had used deceptive business practices including making phone calls under false pretenses; using phony caller id information; making false threats of investigation or prosecution; and illegally disclosing financial information to the employers, friends, and families of borrowers. For example, both companies employed debt collectors who used a web-based service called “Skip Tracy” that allowed them to choose the phone number and caller ID text callers would see when they made outbound calls. Since January 2010, both companies have placed deceptive phone calls in association with over 137,000 accounts. In addition, by disclosing financial information to borrowers’ employers, family members, and friends; by failing to disclose the annual percentage rates on loans; and by changing the due dates and extending the terms of loans without the borrowers’ permission, both companies violated the Fair Debt Collections Practices Act (FDCPA); the Truth in Lending Act; the Dodd-Frank Wall Street Reform Act; and the Consumer Financial Protection Act. The enforcement action requires both companies to pay $44.1 million in cash and balance reductions to borrowers; to end deceptive advertising campaigns; to cease all threats of investigation and prosecution; to protect borrowers’ private information; to provide truthful information about the terms of loans and full disclosure when proposing changes in those terms; and to pay a $4.25 million civil penalty to CFPB’s Civil Penalty Fund.
Wilshire Consumer Credit
4727 Wilshire Blvd., Ste. 100
Los Angeles, CA 90010-3874
Telephone: (866) 709-5200
Westlake Services, LLC.
4751 Wilshire Blvd., Ste. 100
Los Angeles, CA 90010-3847
Telephone: (323) 900-2445
Federal government agencies such as the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) enforce laws that prohibit certain unethical business practices. Federal laws like the Fair Debt Collections Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA) regulate the way in which collection agencies can conduct business. The FDCPA prohibits activities 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). The enforcement action above illustrates how consumer complaints can be a useful tool in ensuring that companies who demonstrate a pattern of unethical or illegal activity are brought to justice.
In addition, these laws provide individuals with a means to seek monetary damages in court. For instance, the FDCPA allows consumers who have been violated to recover damages of up to $1,000, plus attorney fees and court costs. If you are currently involved in a dispute with a debt collector, seeking legal assistance may help you find relief.
If you’ve been harassed by debt collectors, we can help. We will fight for your rights.
The Lemberg Law legal team is committed to holding debt collectors accountable, so complete our form for a FREE case evaluation, or call 844-685-9200.
What Our Clients are Saying
“I was almost going nuts receiving calls every afternoon from a person using profane language to push me to pay debts I don’t owe. Someone I trust referred me to Lemberg Law, and I don’t regret having contacted them. The attorneys were very kind and always available when I needed them.”
“Thank you for standing with me Lemberg Law. I was so afraid I could lose my job because of a caller who called my job number 4 hours straight back to back. He not only harassed and threatened me but also abused workmates who received the call when I wasn’t around. Since I solicited for your services, I’ve had a peace of mind, and I’m happy because of the few dollars I got as a settlement.”
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