Over 8,000 Borrowers to Receive $10.9M: Performance SLC Accused of Charging Illegal Fees
Performance SLC’s $9.2M in Fees Under Scrutiny: CFPB Takes Action, Company Ceases Debt-Relief Services
According to Business Insider, the CFPB recently said over 8,000 student loan borrowers will get $10.9 million. This is because Performance SLC a company charged illegal fees. The CFPB said Performance charged $9.2 million in fees and misled borrowers into paying. Performance did not admit guilt but agreed to stop offering debt relief services.
CFPB Cracks Down on Companies Charging for Free Services, Secures $30 Million Payout for Consumers
The CFPB wants to stop companies charging for free services. In 2022 it accused 5 companies of this paying $19 million to customers. In March another company was accused of collecting fees that illegally leading to an $11 million payout. The Education Department warns borrowers about scams and says loan services should be free.
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