Comments on: Exploring the Debt Collection Industry

By: impishredhead

impishredhead — Mon, 10 Nov 2008 16:29:13 +0000

Woody, go here http://www.sos.state.ne.us/licensing/collection/index.html and look at the link for Licensed Collection Agencies.

By: woody

woody — Thu, 06 Nov 2008 15:29:40 +0000

i would like to find a place to go here where i can check to see if these collection agencies are liceansed in my state of neb,to collect all help will be appreciated greatly,after all if we have to go by the rules,so should they

By: impishredhead

impishredhead — Tue, 21 Oct 2008 16:02:25 +0000

I know of a few people who’ve purchased their own accounts from JDBs. But you don’t have to sue yourself, silly. You purchase with the stipulation that the JDB either never reports or immediately removes from the reports. Then YOU never report the stupid thing on yourself. The End.

By: Mary

Mary — Tue, 21 Oct 2008 03:40:08 +0000

I was wondering. If anyone can buy my debt over and over, can I buy it? Would it work if I sued myself for the debt owed and got a judgement on myself? How many judgements can you have on one debt? I would think, first one gets it. Then I can garnish my own wages until the debt is paid and get it taken off my credit report. I think it’s brilliant. What do you think?

By: Leona

Leona — Mon, 30 Jun 2008 19:39:04 +0000

There are a lot of sides to this, and I’m going to show another side entirely. No one ever points at the real industry that has caused the major fall of the economy and leaving families in the poor house. It is the credit lendings agencies and banks themselves. Banks and lenders make money hand over fist – to the point of middle management salaries at $150,000+ annually! Lenders charge ridiculous fees and interest. How rich do the people at the top of the lending heap need to be? If it wasn’t for rules and fees they can make up themselves at any time, how many people would even have a collector calling them? Now, more from the other side. The same businesses that pushed people further into debt, write off the debt and then hire companies (aka collection agencies) to get the debt back as profit! Talk about eating from both sides of your mouth. So, the lenders and banks put enormous pressure on the collection agencies to get the money back. I personally saw a situation where a collection agency was collecting money for one of the largest banks. This bank told the collection agency that they would not give them any business unless they provided a call recording solution that recorded all of their calls. The base recording solution that would be put in place to satisfy the bank (client), would cost the collection agency 2 million $$$. At the same time the bank told them to put in the recording technology, they also told the collection agency that they were cutting their commission rate by 5%. So, cut their payment by 5%, and ask them to spend 2 million dollars. I’m not saying that it’s right for debt collectors to break the law and be jerks. I’m just saying it’s time to think about the root of the problem. Those ‘roots’ don’t care about how you are treated if you owe money…they just want as much money as they can get back. Or how about another case regarding one of the major credit card issuers. This large corporation told a collection agency that they would only do business with them if they had agents offshore (e.g India). This was based on the assumption that India labor was cheaper, so they could get more of the profits back and pay a low commission. So, write off the debt, get the debt back as profit, and don’t even create the jobs and keep the economy in the US – where the debt is. So, what’s the real ‘press’ then?

By: impishredhead

impishredhead — Mon, 09 Jun 2008 17:55:49 +0000

Michelle, even coming from a consumer advocate perspective, and after having dealt with more debt collectors who violated BADLY than not, I can somewhat sympathize with your position. I’ve known collectors who behaved respectfully and followed the law. Unfortunately they suffer the effects of the bad ones, much as used car salespeople all get lumped into the same SCUMBAG category because of the SCUMBAG behavior of some of them. And then you have stuff like this going on: http://www.ftc.gov/opa/2008/06/tonomusic.shtm – that sure doesn’t help your industry either.

When talking to consumers who’ve been on the receiving end of abusive collection tactics, you’re not likely to convince anyone that we should all just forgive “the industry” for the transgressions of the jerks. If, on the other hand, we were to see “good collectors” going after “bad collectors” with more fury (and more effectiveness) than consumers do, that might get us to sit up and pay attention.

I’ve always wondered when collectors are going to figure this out: the way to improve public perception of debt collectors is for debt collectors to take the lead in enforcing compliance and more intelligent interaction with consumers. For example, instead of laying the blame on “the few” collectors who cause problems while assuring us that “most” follow the law, why don’t you find a way for collectors to demand and enforce compliance from “the few” who are ruining it for everyone? And, instead of complaining about consumers who abuse debt collectors (sure way to further antagonize already pissed off consumers, even if it’s often true!) try using some higher level people management skills to acknowledge the reasons WHY consumers may act that way – with an eye towards solving the problem?

You bet I swore at and lashed out at collectors, but you know what? That was after being sworn at, harassed, and told to take my kid and do a Thelma & Louise over the edge of the Grand Canyon so that “at least we can try to collect from your life insurance, you worthless piece of ****.” Not to mention sprees of re-dials from laughing/screaming/cursing collectors – both at work and at home. What they ever thought that would accomplish besides getting the phone slammed in their ears, I will never know. And then if a different collector called who wanted to try to be reasonable – FORGET IT!!! Once “debt collector” gets associated with that kind of experience in someone’s mind, you don’t get another chance to “do it right” even if you had nothing to do with the other idiot.

From a consumer’s point of view, that’s what I think you’re facing and what I’d suggest trying to address.

By: Michelle Dunn

Michelle Dunn — Sat, 07 Jun 2008 11:16:59 +0000

Unfortunately it is true that collectors break the law every day in a quest to collect more money for their clients. I was and still am surprised to see so many negative comments here, but possibly that is because the people who are treated fairly by debt collectors don’t leave comments. Many people who deal with collectors know they owe the money and if they get a “good” collector try to work it out but not always. In my years of collecting I have been screamed at, swore at, threatened and harrassed, all the while following the FDCPA and knowing the debtor is only acting that way because of frustration and sometimes the inability to pay their debt.
A bill collector doesn’t pull names out of a hat, they are hired by a creditor to collect money that is due the creditor. The person who owes the money incurred the debt and now has to pay the piper.
I have been in this industry for 20 years and have seen the good the bad and the ugly. As I continue to work in this industry I keep trying to help the industry but as we all know there will always be those few who continue to break the law.

By: james

james — Mon, 05 May 2008 21:48:03 +0000

if i paid the o.c. does the c.a. have to remove there listing on my credit report

By: steve

steve — Tue, 29 Apr 2008 19:43:13 +0000

My only income from all sources is veterans disability.Is this exempt from creditors?What can I do to protect my bank acct from collectors taking out all my money from a judgement?

By: Anthony Lemons

Anthony Lemons — Sun, 13 Apr 2008 05:11:01 +0000

Debt Collectors push a consumer to kill herself. (Caught on Tape): Collectors killing people