Tag Archives: debt collection agencies

Finance

Credit Score Increases Through A Debt Agency

As you can probably guess, there is a lot of importance that comes with making sure that credit scores are as high as possible. I am sure that anyone will be able to say the same, especially when it seems as though these are needed for a number of purposes, attaining loans being one example. However, what can be done on the part of consumers in order to help bring these scores up? There is a lot of information that, in my opinion, a debt agency can help.

The Washington Post put up an article that spoke about the matter in great detail. One of the steps that was recommended was to pull back on credit card usage for the sake of helping scores come back up. Keep in mind that no one who is in heavy debt wants to add even more debt to their situation and I am sure that just about anyone will be able to agree. It is more important to take care of the amounts that already exist, whether they are related to student payments or what have you.

Of course, there is the possibility that you can utilize your credit card constantly so that you will be able to bring these scores up even higher. This is something that will be able to help in a number of ways but to say that it is something that will assist in the long term is not something that I can agree with fully. This is due to the idea that it is easier for credit limits to be reached in this regard. For those who can go about this, make sure that usage is regulated.

If you find yourself totally lost as far as helping your scores is concerned, there is nothing wrong with addressing a debt agency. In fact, you may be happy to know that an agency with a high level of quality will be able to give you a great amount of benefits. Not only does this type of business work in order to collect certain amounts for clients but they can help those who are in debt. The ability to educate others is one of the ways in which debt has a lesser chance of occurring.

With all of this said, I can only hope that you understand what is needed on your part in order to help bring credit scores up. Constant utilization of cards may not be the most recommended step, especially if it is done by someone who is far too much debt as it stands. That being said, there is nothing wrong with going to a debt agency if it is a matter of seeking financial advice. Before long, you will become far more learned on the matter than ever before.

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Finance

Evaluating A Debt Collector’s Legitimacy In 3 Ways

The object of a debt collector is to secure funds owned to a client. This is a simple definition but it is one that can be applied to collectors who are not only talented but legitimate in the actions they conduct in their line of work. Of course, there are those who may be curious as to just how legitimate these men and women are, in relation to their fields. The legitimacy in question can be evaluated, though, and these 3 methods will be able to help along the way.

One way to confirm a debt collector’s legitimacy is to verify that the company they belong to exists. The most common way to do this is to consult the Internet, though it’s possible that this amount of research will not be enough. Dig a little deeper and see if the company has contact information or reviews you can attain. It’s because of points like these that the legitimacy of a collector will be that much clearer to you, whether it is for better or worse.

There is a level of openness when it comes to how information is given as well. In most cases, a collector will not be against giving you a phone number, especially when considering that such pieces of information are amongst the most desired for debtors. With that said, though, it’s important to understand when collectors do not easily give out these sorts of details. When a case like this rises to the surface, it’d be understandable that a debtor would feel hesitant to maintain communication.

You should also take your own information into account. Specifically, when you are given documentation by a debt collector, you’re going to want to make sure that accuracy is placed at the forefront. This can go for anything from names to addresses, so make sure that your details are able to match up to what said documentation entails. In most cases, details are going to be as specific as possible. However, in cases where information does not match up, concern will understandably be raised.

Keep in mind that these are just a few of the many points to be attributed to the best debt collectors with the finest services. While it’s clear that any client can be helped by these services, only the best collectors will be able to go about such an endeavor. Fortunately, you’ll be happy to know that most collectors understand the guidelines they have to follow. A bit of research does not hurt, though, and you would be wise to remember this.

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Finance

Debt Collection Agencies Now Under CFPB Supervision

Starting in Jan, debt collection agencies will be under the supervision of the Consumer Financial Protection Bureau. Many have been waiting for the Consumer Financial Protection Bureau to bring that industry in, but time will tell if it is important.

Taking care of good guys with CFPB

There is a ton of hatred in the debt collectors business, which they most likely deserve considering some of the things collectors do. Though there are good debt collectors out there, there are a ton of bad apples that give the industry a bad name.

In 2011, over 180,000 grievances were made about debt collectors to the Federal Trade Commission, according to the New York Times. That is a ton of growth from 2000 when it was only 13,950 grievances. Much of the bad activity is definitely with smaller firms since only 21 percent of grievances to the FTC were from the top 100 debt collectors.

Many have been waiting for the Consumer Financial Protection Bureau to bring in the industry’s practices and curb abuses and the agency has informed debt collectors that there is a brand new sheriff in town.

Getting guidelines in January

The Consumer Financial Protection Bureau will be in charge of debt collectors officially on January 2, 2013 and will make sure debt collectors are honest and civil in their communications with people. People should always pay their personal loans and other debt, but they also should not be abused when they neglect to. Agencies will have to reconsider their debt practices.

The CFPB is authorized under the Dodd-Frank Act, which created the bureau and its mandate, to regulate “non-bank financial institutions” which deal with consumers.

The only problem with it all is that small businesses are off the hook since only businesses with $10 million or more in annual receipts are being viewed, according to the Washington Post. The New York Times points out that it is still going to be $12.2 billion a year viewed and about 63 percent of business, which is great. However, only 175 of the 4,500 debt collectors are represented in that number.

Get the industry taken care of

It is unknown if this will actually help the customers. Though the top 100 accounted for 21 percent of grievances, that is also a lower rate of complaint; roughly 5 per 1 million people, than for other industries, according to Forbes.

The Consumer Financial Protection Bureau is working on further rules to regulate the industry, but as Forbes points out, regulating the top players is not as pressing as it might seem. By virtue of being the largest firms, they work with the largest creditors, which mean much tighter scrutiny over practices.

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