If you’ve been reading this blog for awhile you are well aware that the collection industry as a whole is in dire need of change. I recently received the latest statistics on consumer lawsuits filed against collection agencies and was disgusted to discover they are on a record setting pace.
During the second half of August consumers filed an estimated 400 Fair debt Collection Practices Act lawsuits and 469 different collection agencies and creditors were sued. Year to date, consumers have filed 8,384 lawsuits against collection agencies and creditors compared with 7,700 lawsuits filed through this time a year ago.
Based on these numbers I think it’s fair to say that the average collection agency does not believe in morals. They view their customers simply as an account…not a person. Their goal is to pound on customers repeatedly until they offer up some money just to get the agency to leave them alone.
At Ropay Asset Investors we don’t think that’s right. That’s why we use CFS II as our collection agency. They treat their customers with the dignity and respect they deserve and provide an outstanding return on our investment in the process.
Do Good and Make Money!