The collection industry is a viable part of the economy and a jobs creator. Unfortunately, companies who feel morals don’t apply to them continue to make headlines and give the industry a bad name.
Recently, the Federal Trade Commission charged Rumson, Bolling & Associates, a Van Nuys California based collection agency, with the following:
- Falsely claiming that the debtor would be liable for any and all legal fees incurred in the collection of the debt
- Falsely threatening debtors with wage garnishments, lawsuits and seizure of assets
- Revealing consumer debts to third parties such as the debtors employer
- Threatening physical harm and death to debtors and their pets
- Using profane and obscene language in conversations with debtors
As regulations become tougher, collection agencies that use unscrupulous practices will find it difficult, if not impossible, to survive.
The good news for our investors is that we have partnered with CFS II. CFS II is the poster child for the newly created Consumer Financial Protection Bureau on how to go about collections.
This strategic relationship is currently paying huge dividends and will become invaluable in the years ahead.
Do Good and Make Money!