My problem with those debt collection companies employees I have had to deal with is this...they either call themselves agent,investigators,or they are members of a special department investigating a debt alluding to Law Enforcement or DA's office.Most recently, as last week, they have indicated, they are going to contact me at my place of employment and are going to initiate civil action if I don't contact them before the close of business. This is out of order and should be stop
One such collection company used the actual phone number of a District Civil Court office in a neighboring county in their phone message for my wife to collect on a debt many years old. This practice is deplorable and should have sever penalties towards any collection company/employee that uses this type of collection action.
I have experience collection companies who buys the debt from the 1st 2nd or 3rd party add on its fees along with the other companies fees,then submit a new account number to the original account as though it was a new account.So, a original account for the sake of argument was $500.00 turns out to be listed on your credit report as a $3,000 delinquent account. Government laws should not allow this practice to exist.What ever the original account is that's what should be reported not interest and additional fees a collection company deems it can add to your credit bureau report.
New agency rules should stop collections companies from the use of form letters and mailer envelope appearing to look like government or state government departments.
In my opinion,collection companies,credit bureaus, and every one in between should be made to have some type of soft ware that could identify time-barred debt.Plus, regulation that will not allow creditors/buyers to reactivate an old debt.If a given state has its own statue of limitation regarding a legitimate time line to collect a debt, so be it. The Validation Notice,should identify the true facts of the debt in question. After complete due process has been exhausted, the record should be completely removed from the consumer file.
Yes...the CFPB should require debt collectors/debt owners to notify consumers in writing, that a payment plan or partial plan will revive the time-barred debt.However, the debt owner or debt collection company should not be allowed to have a second chance to sue you for the old debt. This in itself would be bubble jeopardy in a criminal case of law. If anything a second seven year listing of the agreed balance you are willing to repay will be listed on ones credit bureau report would be allowed.Note: A collection company that purchased the account for pennies on the dollar,should "ONLY" be allowed to collect the amount of monies they purchased the account for plus any regulated reasonable fee amount.Because they were not the original lender in the first place. The original debt owners should "ONLY" be allowed to list the agreed pay off amount of the time-barred account,the consumer agreed to pay. Example: debt owner original time-barred account $1.000.00 dollars.Debt owner accepts $500.00 and consumer agrees to pay back.The only amount to report is the $500.00 dollars.
Here's what the federal government laws should mandate how the collection companies and CRAs should investigate disputes(1) All collection actions and reporting actions should stop immediately.(2) The time line should be equal on the consumer,collection company,CRAs reporting period.(3) The original debt owner or collection company that purchase the account, should produce the original copy of the signed contract, court documents, and any verifiable records relating to the dispute.Forward those documents to the disputing party within the set aside timeline.(4) Any and all verification letters would have to state and indicate such findings.(5) Once the dispute could not be verified by,name,social,signed document copy of original agreement, it should be immediately deleted. The collections companies and original debt owners are responsible for the validity of information they get,buy,receive,send or share.So, if they buy good or bad debt they should be held responsible. The number,types,unclear,clear,collections disputes should all be investigated the same
lonjsjr
1
My problem with those debt collection companies employees I have had to deal with is this...they either call themselves agent,investigators,or they are members of a special department investigating a debt alluding to Law Enforcement or DA's office.Most recently, as last week, they have indicated, they are going to contact me at my place of employment and are going to initiate civil action if I don't contact them before the close of business. This is out of order and should be stop
View this comment in the discussion thread
lonjsjr
2
One such collection company used the actual phone number of a District Civil Court office in a neighboring county in their phone message for my wife to collect on a debt many years old. This practice is deplorable and should have sever penalties towards any collection company/employee that uses this type of collection action.
View this comment in the discussion thread
lonjsjr
3
I have experience collection companies who buys the debt from the 1st 2nd or 3rd party add on its fees along with the other companies fees,then submit a new account number to the original account as though it was a new account.So, a original account for the sake of argument was $500.00 turns out to be listed on your credit report as a $3,000 delinquent account. Government laws should not allow this practice to exist.What ever the original account is that's what should be reported not interest and additional fees a collection company deems it can add to your credit bureau report.
View this comment in the discussion thread
lonjsjr
4
New agency rules should stop collections companies from the use of form letters and mailer envelope appearing to look like government or state government departments.
View this comment in the discussion thread
lonjsjr
5
In my opinion,collection companies,credit bureaus, and every one in between should be made to have some type of soft ware that could identify time-barred debt.Plus, regulation that will not allow creditors/buyers to reactivate an old debt.If a given state has its own statue of limitation regarding a legitimate time line to collect a debt, so be it. The Validation Notice,should identify the true facts of the debt in question. After complete due process has been exhausted, the record should be completely removed from the consumer file.
View this comment in the discussion thread
lonjsjr
6
Yes...the CFPB should require debt collectors/debt owners to notify consumers in writing, that a payment plan or partial plan will revive the time-barred debt.However, the debt owner or debt collection company should not be allowed to have a second chance to sue you for the old debt. This in itself would be bubble jeopardy in a criminal case of law. If anything a second seven year listing of the agreed balance you are willing to repay will be listed on ones credit bureau report would be allowed.Note: A collection company that purchased the account for pennies on the dollar,should "ONLY" be allowed to collect the amount of monies they purchased the account for plus any regulated reasonable fee amount.Because they were not the original lender in the first place. The original debt owners should "ONLY" be allowed to list the agreed pay off amount of the time-barred account,the consumer agreed to pay. Example: debt owner original time-barred account $1.000.00 dollars.Debt owner accepts $500.00 and consumer agrees to pay back.The only amount to report is the $500.00 dollars.
View this comment in the discussion thread
lonjsjr
7
Here's what the federal government laws should mandate how the collection companies and CRAs should investigate disputes(1) All collection actions and reporting actions should stop immediately.(2) The time line should be equal on the consumer,collection company,CRAs reporting period.(3) The original debt owner or collection company that purchase the account, should produce the original copy of the signed contract, court documents, and any verifiable records relating to the dispute.Forward those documents to the disputing party within the set aside timeline.(4) Any and all verification letters would have to state and indicate such findings.(5) Once the dispute could not be verified by,name,social,signed document copy of original agreement, it should be immediately deleted. The collections companies and original debt owners are responsible for the validity of information they get,buy,receive,send or share.So, if they buy good or bad debt they should be held responsible. The number,types,unclear,clear,collections disputes should all be investigated the same
View this comment in the discussion thread