Arrow Financial Services: A Controversial Debt Collecting Agency

Arrow Financial Services, LLC is a division of the Sallie Mae group of companies and was incorporated in 1961. The headquarters of Arrow Financial Services are located in Niles, Illinois. It is one of the important receivables management service providers in the United States. Arrow Financial Services provides a wide variety of recovery services for asset categories comprising student loans, credit cards, telecommunication, utility, automotive and retail. Consumer debts managed by them amount to more than $16 billion.

Of late, Arrow Financial has been involved in a number of controversies. A series of complaints have been filed against the company. Arrow Financial Services has also been named as one of the worst collection agencies in the United States. A number of attorneys and consumers have complained against Arrow Financial. It has reportedly altered the date of last action in credit reports, filed legal suits on debts for which collectors cannot sue anybody and produced fake documents for legal proceedings. A considerable number of people have become victims of the scam committed by Arrow Financial Services.

Arrow Financial purchases old debts for nearly nothing and then chases unwary consumers by the common threats of garnishment, repossession, legal action and so on. They are basically bottom feeders who make money from others’ misfortunes.

For false credit reporting and unfair debt collection, Arrow Financial Services was ordered by a Federal Jury in Los Angeles to pay $100,000 to a consumer in 2007.

For protecting the rights of the consumers, organizations like the National Association of Consumer Advocates (NACA) have come up. Any victim of Arrow Financial Services scam can sue the company with their help.