Why Should a Collection Company Be Watched?

When it comes to my very job, I love being able to do my duties without someone constantly checking over my shoulder. This became quite a bit problem in retail when I was working under someone who had a constant eagle eye over me. I understood my job and I didn’t appreciate someone having to check frequently. It seems like almost each collection company is going to have to incur a similar experience since a particular bureau is going to be looking over the actions of the line of work.

As it stands, the Consumer Financial Protection Bureau is going to be overseeing every collection company that possesses more than $10 million in annual receipts. Essentially, each of the companies is going to be watched over to see how closely they adhere to the rules found in the Fair Debt Collection Practices Act. Organizations such as Rapid Recovery won’t have to concern themselves too much with this, though. If companies follow the rules even without having a bureau watch over them, then no fear should be had.

The bureau is going to check out a litany of factors and how well a company follows them. For example, they will look into disclosures. Will a collector identify his or her identity well to the debtor in addition to the specific amount owed? Another factor that plays into this is in the accuracy of information. The bureau will decide if the right information is being conveyed, since the more inaccurate know-how could lead a collector astray.

The behavior in general towards a debtor will also be examined. The complaints that a debtor will tell about a collector should be addressed in a quick fashion. Also, it’s against the guidelines within the FDCPA to harass a debtor so that payment can be attained. There is no excuse for eight offensive gestures or language. The collector may break the law here and it’s a time where said collector may not be as respectable as believed.

Like stated before, the reputable collection companies shouldn’t have to worry about such problems. After all, they’ve done great work in the past and a bureau being at the ready will be, if nothing else, slightly annoying. It’s the companies that have gotten away with taking advantage of debtors that have to be concerned about this movement. Come January, we will see just which entities will stand strong and which ones will fall.

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