Fairbanks Capital Corp
Force-placed insurance and held checks, plus newspaper settlement report

Fairbanks stole with force-placed insurance when I had insurance. They made their own escrow account and held checks until I had to pay $200.00 more a month. I also had to pay for checks over the phone because they would keep them for weeks.

The following is from a newspaper:

"We are not providing further information until a settlement is complete," Fairbanks spokeswoman Haidee Schwartz said. "We hope to have this occur sometime in the next several weeks."

However, the company's majority shareholder, The PMI Group Inc. of Walnut Creek, Calif., said that under the proposed settlement, Fairbanks would have to demonstrate changes in the way it operates in addition to creating a $40 million fund to benefit consumers allegedly harmed by Fairbanks.

PMI indicated that pending consumer litigation against Fairbanks may be settled for about $15 million.

Fairbanks collects payments and handles bookkeeping for about 550,000 loans, many of which were granted to people with problematic credit histories who cannot qualify for standard loans.

Allegations included that Fairbanks Capital assessed late fees when payments arrived on time, prematurely referred accounts to collections departments leading to foreclosure and forced some clients to pay for redundant home insurance.

The company replaced three executives, including the CEO, last spring, and said it had put new practices into place.

Fairbanks also has offices in Hatboro, Pa., Jacksonville, Fla., and Austin, Texas.

Updated Sunday, Oct 26

Company: Fairbanks Capital Corp
Country: USA
State: Utah
City: Salt Lake City
Phone: 8009342121
Site: fairbankscapitalcorp.com

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