rants

A collection agency based in Bloomington, Minnesota had its collection license temporarily suspended by the Minnesota Department of Commerce for allegedly failing to remit recovered funds to its clients within 30 days. According to an article on InsideARM.com, the Department of Commerce claims the agency used the money to fund operations.

This is starting to get crazy.

I just read the article on InsideARM.com: NJ Bill Would Require Collectors to Send Copies of FDCPA to Consumers.

Is this for real, or is it another one of those bad dreams?

When I put the FDCPA into Word and move the columns to 0.5, it still comes out to 22 pages (can get it to 11 double sided).

To push this additional cost (paper and extra postage) onto the shoulders of the collection agencies is absurd, especially given the fact that a majority of collection notices are never opened in the first place. This could be a HUGE cost to the agencies, which they’ll perhaps have to pass back on to the creditor through higher fees, which the creditor will then have to pass back on to the good paying customers through increased prices.

Is this the best we got? Somebody, please tell me I’m dreaming and that I’ve overlooked something here.

Gary Jensen editor

Here is Chris Hansen’s Debt Trap production which aired on Dateline NBC in March.

Part 1

Part 2

Part 3

Part 4

Part 5

Part 6

An automated billing process caused a $0.01 overdue water bill to be sent to an Attleboro, Massachusetts consumer and warned of a potential lien against her home if the account was not cleared.

Read the whole story by visiting Blind Woman Threatened With Suit Over 1-cent on CNN.com.

How is your system set up? Do you bill for all amounts or just amounts over a certain limit?