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.
Copies of the FDCPA to consumers?
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
ARM Industry Gets Its Own Search Engine
The folks at Kaulkin Ginsberg have put together an excellent search engine specifically designed for the ARM industry.
According to the site:
“Searchreceivables.com is a “vertical”, or domain-specific, search engine. This is a relatively new tier in the Internet search industry, consisting of search engines that focus on specific slices of content in order to deliver the most relevant results in the most efficient manner.
For instance, a Google search on “collections” yields more than 316,000,000 results, many of which cover things like museum or baseball card collections.
An ARM Sites search yields just about 35,000 results that are far more targeted to what a Searchreceivables.com user is likely to be looking for”
Be sure to stop by and add this to your “favorites.”
Gary Jensen
Editor collector mentor
