Complaints against bill collectors are skyrocketing nationwide.
In 2010, consumer complaints against debt collectors reached 140,036, up 17 percent from 2009, according to the Federal Trade Commission.
The good news is that the FTC has had enough of the abusive practices of certain collection agencies. With the recent creation of the Consumer Financial Protection Bureau (CFPB) and the redrafting of the Fair Debt Collection Practices Act (FDCPA), companies who continue to abuse the system will find it very tough to compete in the near future.
As these companies go out of business, banks will look for collection agencies that play by the rules to avoid dragging their brands through the mud. Our alliance with such agencies ensures that their loss will be our gain.
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