Just like mortgage servicers are required to send "goodbye letters" (a notification of when loan has been sold) and "hello letters" (a notification of when another company is buying a debt), so also should debt collectors. Also, they should be required to disclose the amount for which they bought the debt... the discounted price. Also, there needs to be full disclosure as to who is buying the debt along with the disclosure of the owners of the debt collection company and the street address of the company so face-to-face meetings can be arranged. Full transparency and full disclosure should be required related to any company trying to collect debt.
It has been my experience that practices can vary greatly between various creditors who find it necessary to turn delinquent or defaulted debt over to a collection agnency. In my situation, little or no notification was given. At a minimum, a creditor should give specific information as to date and which company the debt is being assigned or sold to. Getting such a notice would help me understand that there is going to be a change with whom I would be communicating with going forward. The costs and expenses or problems that dad honors are collectors would have been giving those is miniscule compared to the problems cause by not giving notice. I would argue that they would actually save money in the long run like giving such notices. At a minimum, The information that should be clear that in the notice is (1) the date of when the debt would be turned over to collection agency; (2) the name address of the collection constant company to whom the doubt was assigned; and (3) specific formation about the debt collection company and a list of that company's "best practices", policies and procedures as to what the consumer can expect. It would be good if there could be a single-point-of-contact for this company as well as the supervisors and owner of the collection company. Collection agencies need to be forced to deal more forthrightly with consumers and be required to deal with greater transparency.
OneFrustratedConsumer
1
Just like mortgage servicers are required to send "goodbye letters" (a notification of when loan has been sold) and "hello letters" (a notification of when another company is buying a debt), so also should debt collectors. Also, they should be required to disclose the amount for which they bought the debt... the discounted price. Also, there needs to be full disclosure as to who is buying the debt along with the disclosure of the owners of the debt collection company and the street address of the company so face-to-face meetings can be arranged. Full transparency and full disclosure should be required related to any company trying to collect debt.
View this comment in the discussion thread
OneFrustratedConsumer
2
It has been my experience that practices can vary greatly between various creditors who find it necessary to turn delinquent or defaulted debt over to a collection agnency. In my situation, little or no notification was given. At a minimum, a creditor should give specific information as to date and which company the debt is being assigned or sold to. Getting such a notice would help me understand that there is going to be a change with whom I would be communicating with going forward. The costs and expenses or problems that dad honors are collectors would have been giving those is miniscule compared to the problems cause by not giving notice. I would argue that they would actually save money in the long run like giving such notices. At a minimum, The information that should be clear that in the notice is (1) the date of when the debt would be turned over to collection agency; (2) the name address of the collection constant company to whom the doubt was assigned; and (3) specific formation about the debt collection company and a list of that company's "best practices", policies and procedures as to what the consumer can expect. It would be good if there could be a single-point-of-contact for this company as well as the supervisors and owner of the collection company. Collection agencies need to be forced to deal more forthrightly with consumers and be required to deal with greater transparency.
View this comment in the discussion thread