A debt-collection company licensed to operate in Minnesota has paid a record fine of $125,000 for 15 violations that included an unauthorized bank withdrawal and employing a violent felon as a collector.
Arrow Financial Services of Niles, Ill., also agreed to design and implement a compliance program within 60 days as part of the enforcement action by the Minnesota Department of Commerce.
Arrow Financial Services has quite a reputation in the debt collection industry. My friend and consumer advocate Bud Hibbs lists Arrow as the sixth worst debt collection company in America, and has some interesting comments about this company. If you have run into this company, consult with an attorney (I will be happy to offer a free consultation to any California residents or assist non-California residents in locating a qualified attorney in their area).