Imagine you’re a bank. You have millions of dollars in credit card charge offs that you need to get rid of on a monthly basis. Would you just give them to any old collection agency and put your reputation on the line? One very large credit card bank did just that and suffered a huge backlash.
In 2010 Bank of America placed some of it’s credit card debt with a Philadelphia based based collection company by the name of Advanced Call Center Technologies, ACT for short. Unfortunately for Bank of America, some of ACT’s employees were not following the guidelines set forth by the Fair Debt Collection Practices Act (FDCPA).
One of the customers contacted by ACT was 32-year old Allen Jones of Dallas, who owed $81 on his Bank of America credit card. ACT repeatedly called Mr Jones and left abusive and offensive messages on his answering machine.
Mr. Jones saved the messages and gave them to a lawyer who subsequently sued Advanced Call Center Technologies. The verdict, a Texas jury found the both the debt collectors and the corporation responsible and awarded Jones more than $l.5 million. In the process, Bank of America’s name got dragged through the mud due to their association with the case.
Why is this important? Have you ever heard the saying, “Those who fail to learn from their mistakes are doomed to repeat them?” I doubt Bank of America will make this mistake again. When they (or any other bank for that matter) look to place or sell off new credit card debt you can be sure they will look for a clean track record to avoid future embarrassment.
As a passive debt buyer Ropay Asset Investors fits the bill. In fact, we are part of a consulting group that is in negotiations for a forward flow agreements with Bank of America, Wells Fargo, and others. As our reputation in the industry grows, deals like these will become the norm ensuring a quality supply of charged off debt for purchase.
What are you waiting for…contact us today and find out how we can help you take advantage of this extraordinary opportunity.