Fraudulent Payday Loan Debt Collection

Apr 29, 2014

The Department of Business Oversight has been notified that consumers in California and other states have received telephone calls from debt collector(s) falsely claiming to be collecting a payday loan debt on behalf of CMG Financial.  CMG Financial is a licensed California finance lender and mortgage banker not involved in payday lending. 

The debt collector(s) make threatening and abusive telephone calls to consumers to collect an alleged payday loan debt that consumers never incurred.   One consumer received numerous phone calls from the telephone number (844) 714-2286 in which the caller claimed to be hired by CMG Financial to collect on a payday loan she had never received.   Another consumer received numerous phone calls from the telephone number (866) 664-3600 in which the caller claimed to be collecting a payday loan debt on behalf of CMG Financial, a company with whom the consumer had never transacted business. 

CMG Mortgage, Inc., doing business as CMG Financial, is a California-licensed finance lender (license # 603K639) and California-licensed mortgage banker (license # 4150025) who is not engaged in payday lending or the debt collection activities described.  All consumers who have been contacted by an entity or entities falsely claiming to collect a payday loan debt on behalf of CMG Financial are strongly encouraged to contact the Department of Business Oversight to file a formal complaint at (866) 275-2677 or on our website www.dbo.ca.gov

California consumers should contact the Department of Business Oversight to check on the licensing of all companies, investments or other financial services they are considering.  That can be done by visiting the financial services licensee listing at www.dbo.ca.gov or calling the Department’s toll-free Consumer Services Office at (866) 275-2677.