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Do Third Party Debt Collectors Deserve Empathy?
An online article written and published by the debt collection industry’s own Inside ARM(Account Receivables Management) attributes a large percentage of the grief inflicted on consumers by debt collectors to the creditors that hire these third party debt collectors to collect overdue bills on their behalf. According to the article entitled “Creditors Play an Unrecognized [...]
Read Full Post | Make a Comment ( None so far )Regulating Debt Buyers
Debts are bought and sold on a daily basis, leaving the buyer with relatively no clue if the debt they buy is valid or not. A debt can be bought and sold four to five times, often with little to no documentation besides the contact information of the addressee. Rules say that debt buyers can [...]
Read Full Post | Make a Comment ( None so far )Sunshine Financial Group Fined $20,000 For Improper Collectons
Sunshine Financial Group, a Maryland based collection firm, was fined $20,000 for collection debts without the proper license. The company was also ordered to repay $665,000 in attorney fees and compound interest to those who were taken to court for collection proceedings. The firm tried to file for a collections license in July, but was [...]
Read Full Post | Make a Comment ( None so far )Are You Receiving Auto Dialer or “Robo Calls” From Debt Collectors
Debt collectors are becoming more aggressive in their attempts to locate consumers with past due debts. Now, those efforts include calls that are from a robotic sounding, prerecorded voice, calling on behalf of the collection agency asking to speak to a particular party, rather than from a live person. The Fair Debt Collection Practices Act [...]
Read Full Post | Make a Comment ( None so far )Fair Debt Collection Act Introduced in Tennessee
The Fair Debt Collection Improvement Act was introduced in Tennessee by US Rep Steve Cohen of Memphis. The Act would protect consumers against legal action for a debt that is older than 10 years, or outside of the statute of limitations. Under the present laws, an expired debt can be sold by a creditor to [...]
Read Full Post | Make a Comment ( None so far )New Website Set Up by Debt Collectors Seeking Respect
The debt collection industry is tired of being treated poorly by the debtors they are attempting to collect an alleged debt from, according to an article in the New York Times. The Association of Credit and Collection Professionals(ACA Int’l), has launched a website, askdrdebt.com to answer pertinent consumer questions about everything debt. However, the site [...]
Read Full Post | Make a Comment ( None so far )Minnesota Attorney General Sues Debt Collector for Alleged Robo-signing
Encore Capital Group, a San Diego based debt portfolio buyer and its subsidiaries Midland Funding LLC and Midland Credit Management Inc., are being sued by the Minnesota AG for alleged robo signing of court affidavits. According to Minnesota Attorney General Lori Swanson, “Midland has perverted the justice system by filing robo-signed affidavits in court and [...]
Read Full Post | Make a Comment ( None so far )New Agency Joins FTC to Aid Consumer Protection
As of July 21, 2011, a new agency will be joining the Federal Trade Commission to help investigate the growing number or complaints regarding debt collectors violating the Fair Debt Collection Practices Act. (FDCPA) This new consumer protection, federal watchdog agency will be named the Consumer Financial Protection Bureau, and was created by a law enacted last [...]
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