The business of debt collection has proven very lucrative over time. With the American economy the way it is, a great many American citizens have found themselves in debt over the past several years. The problem with the debt collection industry is that many debtors believe that collectors are all about receiving monies from successful recoveries. They truly believe that creditors and their representatives will stop at nothing to garner payment.
In the United States of America, there are roughly 4,000 debt collection companies. The combined number of employees at each collection Company is almost 450,000. The collection industry was projected see up to a 26% expansion over three years in 2011. In the year 2010, collection agencies were hired by companies all over America to recover about $150 billion worth of debt. Collection companies successfully recovered less than one-third of that number.
Certain people might hear those facts and believe that is the reason the collection agents are being unprofessional and resorting to harassment to recover monies owed. However, collection industry does not decide to use any means necessary in regards to debt recovery simply because they were only able to obtain one-third of the some they were tasked with recovering. Even recovering $40 billion of $150 billion is an achievement to the industry.
Most collection companies are friendly and respectful to debtors. These are the companies that follow the regulations set forth in the Fair Debt Collection Practices Act that the United States government passed in the late 1970s. Honest companies rely on professionalism and respectability as well as creating a comfortable environment for the debtor in order to obtain a debt. However, if a debtor does encounter a rouge collection company that engages in harassment and intimidation to secure a recovery there are options for recourse, which are outlined in the government’s debtors rights.
As previously stated, about 450,000 people are employed by collections agencies. They are in the business of working for creditors to recover monies entitled from debtors. They are not employed to bully, harass, and intimidate debtors into payment. The job of the debtors is to make themselves knowledgeable regarding the laws of debt collection and to know their rights. Debtors should not fear doing business with a collections company.
Rapid Recoverys Solution is an attorney based debt agency that can help you with debt collector services. If you are searching for more details, contact them today!
