The Business of Debt Collecting in America
Posted: Thursday, September 22, 2011
There was a gathering of Debt Collectors in Atlantic City this
week. There are more than 4,100 debt collection agencies in the US
employing close to 450,000 people. This is expected to grow by 26%
in the next three years.
The average amount of recovery on a delinquent debt is 20%. That
is down from 30 % decades ago. The collection agency might share
the amount with the business to which the consumer owes the
money. Most likely the collection agency bought the debt at a
deep discount and will keep whatever it can get from the
The most common
consumer complaints against collection agencies include calling
a debtor repeatedly, misrepresenting the amount of debt and failing
to notify the consumer of their rights in writing.
Check our website to find out more about
illegal debt collection practices. If a debt collector is
violating your rights under the
Fair Debt Collection Practices Act, you may be entitled to up
to $1,000.00 in "statutory" damages and we can help at no cost to
you! Our law firm provides free case
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