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 )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 )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 )Collection Service Made To Pay $2.8 Million Fine
The largest fine in history for a violation of the Fair Debt Collection Practices Act has been leveled on a collection agency by the Federal Trade Commission last month. The Georgia company, West Asset Management, allegedly violated the Act with its aggressive techniques, and agreed to pay a settlement of $2.8 million. The settlement came [...]
Read Full Post | Make a Comment ( None so far )Minnesota Cracks Down on Debt Collectors
The Commerce Commissioner of Minnesota, Mike Rothman, has informed eight of the largest debt collection agencies in the state that they are in non-compliance with the law. Mr. Rothman has stated that these debt collectors have failed to screen their employees for criminal activity, and that 1 in 12 employees in these firms have a [...]
Read Full Post | Make a Comment ( None so far )2009 Stats on Debt Collection Harassment Complaints
Consumers filed nearly 120,000 complaints against third party debt collection agencies and creditor collection operations in 2009, according to a recent report from the Federal Trade Commission, the accounts receivable management industry’s chief regulator. Of these 120,000 complaints, the most common complaint making up 21% of the total were related to identity theft and following [...]
Read Full Post | Make a Comment ( None so far )Tips for Negotiating with Debt Collectors
When dealing with a debt collector you’re basically going head to head with a professional negotiator. Use these tips to help gain some of the knowledge needed to help you come out ahead.
Read Full Post | Make a Comment ( None so far )Zombie Debt: What it is & how to get rid of it
When you hear the term “Zombie Debt” it refers to an old debt purchased by debt collectors hoping they can intimidate consumers into paying the debt. In the past, few creditors attempted to collect on old debts thinking it was not worth the effort. Today, however, aggressive debt collectors are buying these charged off debts [...]
Read Full Post | Make a Comment ( 1 so far )Collector Abuse Lawsuits Stem New Businesses
The federal Fair Debt Collection Practices Act protects consumers from debt collector abuse. If a consumer feels that they are a victim of collector harassment or abuse, they can file a lawsuit and be rewarded damages. Over the last several years, the number of cases brought by consumers each year has been growing in exponential [...]
Read Full Post | Make a Comment ( None so far )Privatized IRS Debt Collection Appears Dead
Opponents of IRS’s privatized debt collection program failed to pass a spending bill last year that would have killed the program. The Bush administration and other supporters argued — successfully — that it was needed to collect unpaid taxes. This year, opponents are trying a new tack: inserting a provision into the IRS spending bill [...]
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