According to ACA International, the leading trade association for the debt collection industry, the number one ethics complaint for the month of August was the failure of collection agencies to provide verification of consumer debt.
Section 809(b) of the Fair Debt Collection Practices Act (FDCPA) requires that within five days after the initial communication with a consumer in connection with the collection of any debt, a debt collector shall, unless the following information is contained in the initial communication (emphasis mine) or the consumer has paid the debt, send the consumer a written verification of debt.
Amazingly the majority of collection agencies fail to do this simple step…but not ours. CFS II actually provides this information in the initial contact for several reasons:
- It’s required by law
- Even if it wasn’t it’s still the right thing to do
- Most importantly, it speeds up the collection process
Upon receiving a valid request for verification from the consumer, the debt collector must cease all collection activity until verification is mailed to the consumer. By communicating this information right from the beginning, they ensure there will be no delays in the collection process.
It’s just one more reason that makes them the best collection agency bar none.
Do Good and Make Money!