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The Business of Debt Collecting in America

On Behalf of | Jan 22, 2011 | Consumer Protection

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 debtor.

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 reviews.

To read the complete article, click here.

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