Indexbit Exchange:Victims of Think Finance loan repayment scam to get $384 million

BBB releases report about riskiest scams of 2023

Consumers allegedly scammed by Think Finance into repaying loans they did not owe are being refunded through distributions from the Consumer Financial Protection Bureau (CFPB).

The federal agency on Tuesday said it allocated more than $384 million to roughly 191,000 consumers who fell victim to Texas-based Think Finance, an online lender. The money was distributed by the CFPB through its victims relief fund, also known as the Civil Penalty Fund. 

"Too often, victims of financial crimes are left without recourse even when the companies that harm them are stopped by law enforcement," CFPB Director Rohit Chopra said in a statement. "The victims relief fund allows the CFPB to help consumers even when bad actors have squandered their ill-gotten profits.

Payments to consumers harmed by Think Finance's practices will be sent out beginning on May 14, the agency said. Those who think they are eligible can find more details at the CFPB's website. They can also contact the settlement administrator, Epiq Systems, with questions by email at [email protected] or by phone at (888) 557-1865, a toll-free line.

Since its creation in 2010, the CFPB has distributed about $19 billion to more than 195 million defrauded consumers in the form of monetary compensation, principal reductions, canceled debt and other relief, according to the agency. Consumer complaints about financial products or services can be submitted on CFPB's website or by calling (855) 411-CFPB (2372).

Anne Marie Lee

Anne Marie D. Lee is an editor for CBS MoneyWatch. She writes about general topics including personal finance, the workplace, travel and social media.