Arrow Financialcollection agency broke laws

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Government Actions

Per a January 25, 2007 press release, Illinois Attorney General's Lisa Madigan's has filed a lawsuit against Arrow Financial Services for allegations that debt collectors used unfair tactics and deceptive practices to collect money from consumers.

Madigan's lawsuit charges Arrow with multiple violations of the Illinois Consumer Fraud and Deceptive Business Practices Act. The suit specifically alleges that Arrow attempts to collect on time-barred debts over ten years old, attempts to collect on debts that have been discharged in bankruptcy or that have been settled, engages in abusive practices in an attempt to collect, such as using profanity, attempts to obtain payment without proof of debt, refuses or fails to provide proof of debt, illegally contacts consumers' family members and workplace, and withdraws money without authorization from consumers' bank accounts.

Madigan's lawsuit asks the court to prohibit Arrow from engaging in deceptive debt collection activities and further violating Illinois' consumer protection laws. The lawsuit seeks a civil penalty of $50, 000 and additional penalties of $50, 000 for each violation found to have been committed with intent to defraud. Finally, Madigan's lawsuit asks the court to order Arrow to pay restitution to consumers and to pay all costs for prosecution and investigation of this case.

The Minnesota Department of Commerce announced November 28, 2005 that this company has paid a $125, 000 civil penalty and will design and implement a compliance program within 60 days. The Department of Commerce investigation alleged that Arrow and/or its collectors engaged in more than fifteen violations including:

- Withdrawing money electronically from a debtors checking account without authorization
- Continuing to contact debtors at their places of employment after receiving notification to stop.
- Disclosing a debtor's information to a third party.
- Failing to establish procedures when screening collector applicants as required by law.
- Failing to respond to the department's request for information.

taken from BBB website


  • Jh
    Jhgz Jun 10, 2011
    This comment was posted by
    a verified customer
    Verified customer

    I understand debt collectors have a job to do and probably deal with a lot of craziness. However it does not give them the right to have a continuous attitude or belittle someone in anyway. I called to settle an account with them; as soon as they answered the phone I was immediately given an attitude, hung up on multiple times, the first time being because the word "negative" is now known as profanity and the other times I dont even know why I was hung up on; I also was continuosly belittled and then was told I was the "little girl or child". Then when I requested a supervisor I was denied this request and was told that a supervisor was not going to help me settle the account and that I was only going to be transferred to a collection agent. Who runs business like this>?

    0 Votes
  • Sq
    sq4404 Jul 20, 2009
    This comment was posted by
    a verified customer
    Verified customer

    Arrow took over a credit account from Cortrust at that time My balance was 189.75. The date was May 5th 2008, I was to contact a certain lady at Arrow, which I did at that time the settlement was 2 payments of 52.19 and the debt would be settled and a letter of settlement would be added to My files and the credit reports.

    I sent the two payments by Walmart money orders one was cashed on 7/25/08 other 08/08/08 and both were for slightly higher than the agreed amount.

    Funny thing is or actually the unprofessional conduct by Arrow is actually the opposite of what credit companies asked the government make average ppl do and that is live up to thier agreements and obligations, here it is a yr later and still they show as a debt still owed, and whats worse is now they have given the account to another agency and they inform me Arrow is willing to settle, the thing is this once happened before, so do I pay or do I take a other course and try to make a company live up to thier obligation, at this point unsure but my STRONG suggestion to any other person that has to deal with Arrow get a lawyer to do it, cause they are an untrustworthy company

    0 Votes

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