Home > Collection Agencies > What You Need to Know About Collection Agencies

What You Need to Know About Collection Agencies

1. Collection Agencies are not your friend.

They are not looking out for your best interest. They are there for one purpose, “Collect Money”.

2. They don’t care.

They are not concerned about your hardship, or your situation, or anything else about your situation. They don’t care if you if you lost your job They don’t care if you have had medical problems. They don’t care if you are robbing Peter to pay Paul just to make ends meet. They don’t care how you got into debt such as from divorce or separation. They don’t even care if a debt is legitimate or not, they just want to collect the cash. They will cry: “Give us the money!”.

3. They will stop at nothing to get your money, they will threaten you on the phone, send you threatening letters, even in some extreme cases will intimidate you to the point that they will have you believing that you will be arrested if you do not do what they say.

These tactics of collecting debt are illegal for them to use and you need to be aware of this.

4. Many people make the mistake of believing that the only people who get harassed by collection agencies are people who don’t pay their bills. This is a stereotype that is quite untrue.

Most collection agencies don’t really care if a debt is legitimate or not, they just want to collect the cash. Some agencies know for a fact the debt isn’t legit, yet they still continue to harass the poor debtor.

5. The debt collection industry offers big profits which attracts a lot of unethical agents.

There are more than a handful of bill collectors that will go to any length to collect a debt and earn their commission Even breaking the law!

6. Many collection agencies that may contact you will use scare tactics and will threaten you with legal action, when the fact is, in most cases, the most that will happen is that you will have a blemish on your credit report until the debt is settled.

Credit agencies want their money, and if you take an assertive approach with them and attempt to pay off the debt, you’ll have no reason to be scared of their calls and letters.

7. Collection Agencies are there for one purpose, to “Collect Money.”

These agencies are paid based on how much they can get from you. Remember they are not your friend and they are not looking out for your best interest. If you get a call on a debt that you think is not yours, you need to call the creditor directly to get it corrected. The collection agency will not help you with that and frankly they do not care as long as they collect money from you.

8. It is important that when you are trying to get debt relief that you remember that you do not need to go along with whatever they say.

9. Debt collection agencies are hired to do one thing – collect debt.

10. Collection Agencies are not above the law.

Disclaimer: Individual financial situations and obligations vary considerably. This information should only be considered a general guide and is not intended to replace professional legal or financial advice.

 

If you like this article please click the little yellow star at the bottom of this article.

Feel free to leave a comment. There is much more to say about collection agencies and what they don’t want you to know, if you are interested.

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  1. July 16, 2013 at 6:41 pm

    I love it whenever people get
    together and share views. Great blog, keep it up!

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