After years of hunting down thousands of Massachusetts consumers for old credit card debts, the brothers who own two of the state's busiest and most notorious debt-collection firms have closed their local offices, rather than seek licenses to operate legally here.
Several months ago was the deadline for Daniel W. Goldstone, owner of Norfolk Financial Corp., and Chad E. Goldstone, owner of Commonwealth Receivables Inc., to apply for licenses from the state Division of Banks. Rather than comply, Norfolk has moved out of its West Roxbury office and set up shop in Rhode Island, a state that does not require licenses for collection firms.
"We do not have any laws or regulations that require the licensing of a traditional debt collector," said Richard Bernstein, executive council of Rhode Island's Division of Business Regulation.
Christopher M. Lefebvre, a consumer lawyer in Pawtucket, said, ``We're behind other states, like Massachusetts, that at least try to have a system in place that protects consumers." He added that ``in Rhode Island, anything goes." No wonder why Norfolk Financial Corp moved to Rhode Island.
Our own investigation has shown Norfolk is still using TWO addresses in Boston to confuse the credit bureaus and make it difficult for consumers to dispute their bogus reporting - a violation of the FAIR CREDIT REPORTING ACT.
Read the full story at:
http://www.westerncapitalfinancial.com/news_goldstone.html
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