Citibank Installment Loan Collections Scam

Consumers report receiving letters appearing to be from Citibank urging them to contact a phone number regarding a past due account and to update contact information. Consumers claim the account information referenced is inaccurate and they have no accounts that end in the sequence of numbers provided in the letter. In addition, the address on the notice is fraudulent. One consumer contacted Citibank directly to verify the accuracy of the solicitation and confirmed that the letter was fraudulent and that they had no record of an account in their name with the referenced information in the solicitation.

Scammers often contact individuals to collect personal or financial information and to defraud them. If you receive a solicitation or call regarding a debt owed, do your research before providing any information or making a payment. A fake debt collector can be identified if they:

• are trying to collect payment on a debt for a loan you do not recognize;
• refuses to give you a mailing address or phone number;
• asks you for personal financial or sensitive information; or
• uses high pressure or scare tactics to get you to pay, even going as far as threatening arrest, deportation, or action by law enforcement. 

By law debt collectors have to abide by the Fair Debt Collection Act and consumers have rights. For more information on dealing with a debt collector or verifying a debt visit Business Consumer Alliance’s Resource Guide, “How To Deal With a Collection Agency”