Unless you have dealt with a collection company, you probably do not know the subtle nuances that make them tick. Knowing what a collection agency can and cannot do is important if you ever have to deal with one. They are all regulated by the Federal Trade Commission which enforces the Fair Debt Collection Practices Act that has a large amount of rules and regulations which have things they cannot do as well as things that they must do.
It is not that well know that a collection agencies cannot just do whatever they please to get money, there are regulations in place to make sure that the consumer is not being abused. If the company violates these rules, the consumer can sue them and if for nothing else statutory wages which will hurt the company with those fees as well as the money that is lost from not collecting.
There are over 10 different guidelines that a collection company cannot do to the consumer. Some of them are things such as the collector cannot curse or use profane language while talking about debt collection and also cannot seek unjustified amounts as well as not being able to communicate with someone who is being represented by an attorney. All of these rules should be known by someone who is collecting as well as someone who is getting collection calls themselves.
There are a plethora of rules that the debt collector cannot do as well as many things that they must do in order to not get in trouble. For one, they must identify themselves as a collection company and what their intentions are. For example, if Rapid Recovery Solutions calls your house, they must identify themselves as such or not only would the company not be able to collect the debt, but they might be sued by the consumer.
A lot of people are not aware of the fact that they can sue the debt collector if these regulations are violated. Abuse of the consumer or irritating the customer can cause them to have a lot of issues with what they are trying to accomplish. Because of this possibility, the collection company will be very strict with their agents that are attempting to collect. One small slip up can cause a lot of damages to both the agency and the company trying collect.
It is not that well know that a collection agencies cannot just do whatever they please to get money, there are regulations in place to make sure that the consumer is not being abused. If the company violates these rules, the consumer can sue them and if for nothing else statutory wages which will hurt the company with those fees as well as the money that is lost from not collecting.
There are over 10 different guidelines that a collection company cannot do to the consumer. Some of them are things such as the collector cannot curse or use profane language while talking about debt collection and also cannot seek unjustified amounts as well as not being able to communicate with someone who is being represented by an attorney. All of these rules should be known by someone who is collecting as well as someone who is getting collection calls themselves.
There are a plethora of rules that the debt collector cannot do as well as many things that they must do in order to not get in trouble. For one, they must identify themselves as a collection company and what their intentions are. For example, if Rapid Recovery Solutions calls your house, they must identify themselves as such or not only would the company not be able to collect the debt, but they might be sued by the consumer.
A lot of people are not aware of the fact that they can sue the debt collector if these regulations are violated. Abuse of the consumer or irritating the customer can cause them to have a lot of issues with what they are trying to accomplish. Because of this possibility, the collection company will be very strict with their agents that are attempting to collect. One small slip up can cause a lot of damages to both the agency and the company trying collect.
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Unknown - Tuesday, October 9, 2012
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