Transworld Systems, Inc.
On September 18, 2017, the Bureau issued a consent order against Transworld Systems (TSI), the debt collector for several National Collegiate Student Loan Trusts, for filing false or misleading affidavits, providing false or misleading testimony, and filing debt collection lawsuits when the companies could not prove the debt was owed. The Bureau’s order requires injunctive relief and for TSI to pay a $2.5 million civil penalty. On the same day, the Bureau filed a complaint and proposed consent judgment against National Collegiate Student Loan Trusts.
CFPB Takes Action Against National Collegiate Student Loan Trusts, Transworld Systems for Illegal Student Loan Debt Collection Lawsuits