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Gotta love those lyin' collection agencies [View All]

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Kelvin Mace Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-03-05 02:54 PM
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Gotta love those lyin' collection agencies
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They are SO misunderstood.


As Debt Collectors Multiply, So Do Consumer Complaints
Washington Post

Embarrassing calls at work. Threats of jail and even violence. Improper withdrawals from bank accounts. An increasing number of consumers are complaining of abusive techniques from some companies that are part of a new breed of debt collectors.

They are debt buyers, outfits that acquire unpaid bills from credit card firms and other credit providers for pennies on the dollar and then try to collect. Some of these companies go after bills so old that consumers can no longer be sued for them in court or punished for them on their credit reports.

Francis Buselli of Amherst, N.H., told the FTC that a debt collector called him repeatedly about a debt the company said his daughter owed -- even though she had moved out 15 years before. On Nov. 26, 2004, the company called about six times in 15 minutes. On the final call, the debt collector recited Buselli's Social Security number, mentioned his wife by name and threatened to send thugs to get him, according to Buselli's FTC complaint.

So, we have bill collectors threatening to beat people up for debts they don't owe.

And what's their excuse? The usual: "Bad apples", "just a small percentage of our transactions break the law", etc.

I love this quote:

Manny Newburger, a Texas attorney who represents many collection firms, estimates that the average collector makes between 40,000 and 50,000 calls a year. Multiply that by the 100,000 collectors that ACA International, the trade association for debt collectors, says are in the business and that comes to 4 billion phone calls a year. By comparison, the 58,687 complaints filed at the FTC are quite small, Newburger said.

OK, let's do the math.

40,000 calls a year works out to 160 calls a DAY. Yes, you do get a lot of "no answers", but if we set the average at seven minutes a call (a number I got from someone in the biz), that over 18 hours a day. They use autodialers a lot, equipment that if a human answers, tells them to "hold for a very important call".

Realistically, they speak to sixty people a day, or 15,000 a year, or 1.5 billion calls a year. Comparing that to the 58,687 complaints is still spurious since many people DON'T complain because they don't know their rights.

These people are parasites.

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