Two Collection Industries: Legitimate and Rogue
I’ve personally spent many dozens of hours over the past couple of months examining and tabulating FTC complaint data. You may have read some of my findings – as well as additional in-depth coverage by insideARM editors – in our Complaints Issue series.
I’d like to highlight one very important dynamic that I observed. As the details behind the data unfolded, I really saw two industries in play: one comprised of legitimate debt collection companies, and one comprised of rogue entities. In my opinion, Federal and state regulators will need to address these in different ways.
Read more about this topic in our blog on Forbes.com.
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I completely agree Stephanie. It’s stunning that someone in our “federal government” hasn’t come to the same conclusion realizing that a tremendous percentage of the complaints that the “legitimate” agencies get are unjustified and revolve around how the consumer feels rather than what really took place. Good Stuff and Thanks!
What is really upsetting is the way a dispute/complaint can be added to a list without any confirmation or verifcation of FACTS. In any sport the score is posted AFTER the game has been played, wherin todays entities that gather this data and todays media are comfortable posting the headline without any actual confirmation. The fact that gathering info and printing that info creates more jobs than releasing accurate information is paramount and keeps todays society on the edge of their seats begging for something else to attack.