Collection Agencies And Conduct
by Takara Alexis
When people are approached by a collection agency, many of them are automatically nervous. It's common to be nervous, since you literally have an entity reminding you that you have a debt to be paid. While it is legal to have collection agencies approach people in debt, many of the people who become nervous do not understand that there are certain laws that collection agencies must adhere to.
In the US, collection agencies have to abide by the Fair Debt Collection Practices Act. It was passed in 1978 and used to establish guidelines for fair debt collection practices to be made. Without these laws collection agencies would be able to harass you constantly from sunrise to sunset. So always make sure to know your rights, and what they are allowed and not allowed to do. There are also state laws that may affect collection agencies as well that differ from state, but here are a few from the Fair Debt Collection Practices Act.
Phone Contact- It is illegal to contact someone outside of the hours of 8am - 9pm local time. Deceit- It is illegal to misrepresent the debt, or pretend to be someone you are not, in order to intimidate the subject. (Such as pretending to be an attorney).
Abusive Language- Any profane language or abusive language is prohibited during communication related to the debt. Bad Debt List- It is illegal to put the name of the subject on a bad debt list.
Cease Contact- Once the collection agency has received a written notice that the subject wishes to prohibit contact, or refuses to pay the debt, it is illegal for the collection agency to continue contact with that person.
Attorney Contact- If you are represented by an attorney, they must contact the attorney. Persistent Phone Calling- Calling repeatedly calling someone is considered harassment.
Showing posts with label collect. Show all posts
Showing posts with label collect. Show all posts
Wednesday, September 7, 2011
Friday, June 24, 2011
The Millennial Generation
The Millennial Generation
by Takara Alexis
The millennial generation is composed of people under the age of 25. They are currently experiencing an unthinkable level of high unemployment. In May of 2010, unemployment for 21-25 year olds was 15.8%. Today, unemployment for those who are college graduates is three times higher than the typical average.
To worsen their situation, 26.9% of the millennials are uninsured. The second most likely age group to be uninsured is made up of 26-34 year olds. Of this age group, 25.9% are uninsured. Together these two age groups display the largest percentage of uninsured in the U.S. The millennials are going through a dramatic rise in student loan debt. For the first time in recent history, outstanding consumer loan debt hit $829 billion, exceeding credit card debt ($826 billion). Student loan debt is also growing faster than credit card debt within the past 90 days.
The millennials debt amount is rising in general as compared to prior generations. Families with heads of households under the age of 35 have the highest leveraged ratio of debt compared to all age groups.
Americans in their early 20s have a particularly short attention span, and this certainly applies to millennials. Their preferred methods of communication include text messaging, social media, and mobile phones. They disregard email communications unless the emails are pushed to their smart phones and even when they are pushed to their smart phones, the millennials will usually not answer emails. They want immediate access to information and immediate responses to their communications.
The millennnials are community-influenced. This means they search for information from their peers before making many choices. And they seek their information almost exclusively online. They are not likely to first seek information from a single source or a traditional authority figure such as a parent, a doctor, or a family friend. Instead they will seek information from social media sources that represent the collective wisdom of many.
This demographic is also highly transient and hard to find. They're more likely to be located by way of their phone than at a permanent residence. Not surprisingly, the millennials are perfectly comfortable being tracked and targeted. But as a consequence, they are extremely protective of their mobile phone number and will go to extraordinary lengths to maintain their mobile phone number over time despite expense or inconvenience.
The constraints presented by the Telephone Consumer Protection Act (TCPA) regarding the use of auto dialers are archaic. The millennials are very much capable of informing the debt collector whether it is convenient for them to receive calls or text messages on their wireless phones as already allowed by the Fair Debt Collection Practices Act (FDCPA). In short, the consumer should control the decision as to who and how they may be contacted on their wireless phone/computer instead of the government and the law needs to catch up with technology.
Looking for a reliable commercial collection agency? Rapid Recovery Solution is number one rated and collects on both commercial and consumer debts, with no upfront fees! RRS is attorney based and very efficient when it comes to collecting debt. Contact them today and get your FREE quote!
by Takara Alexis
The millennial generation is composed of people under the age of 25. They are currently experiencing an unthinkable level of high unemployment. In May of 2010, unemployment for 21-25 year olds was 15.8%. Today, unemployment for those who are college graduates is three times higher than the typical average.
To worsen their situation, 26.9% of the millennials are uninsured. The second most likely age group to be uninsured is made up of 26-34 year olds. Of this age group, 25.9% are uninsured. Together these two age groups display the largest percentage of uninsured in the U.S. The millennials are going through a dramatic rise in student loan debt. For the first time in recent history, outstanding consumer loan debt hit $829 billion, exceeding credit card debt ($826 billion). Student loan debt is also growing faster than credit card debt within the past 90 days.
The millennials debt amount is rising in general as compared to prior generations. Families with heads of households under the age of 35 have the highest leveraged ratio of debt compared to all age groups.
Americans in their early 20s have a particularly short attention span, and this certainly applies to millennials. Their preferred methods of communication include text messaging, social media, and mobile phones. They disregard email communications unless the emails are pushed to their smart phones and even when they are pushed to their smart phones, the millennials will usually not answer emails. They want immediate access to information and immediate responses to their communications.
The millennnials are community-influenced. This means they search for information from their peers before making many choices. And they seek their information almost exclusively online. They are not likely to first seek information from a single source or a traditional authority figure such as a parent, a doctor, or a family friend. Instead they will seek information from social media sources that represent the collective wisdom of many.
This demographic is also highly transient and hard to find. They're more likely to be located by way of their phone than at a permanent residence. Not surprisingly, the millennials are perfectly comfortable being tracked and targeted. But as a consequence, they are extremely protective of their mobile phone number and will go to extraordinary lengths to maintain their mobile phone number over time despite expense or inconvenience.
The constraints presented by the Telephone Consumer Protection Act (TCPA) regarding the use of auto dialers are archaic. The millennials are very much capable of informing the debt collector whether it is convenient for them to receive calls or text messages on their wireless phones as already allowed by the Fair Debt Collection Practices Act (FDCPA). In short, the consumer should control the decision as to who and how they may be contacted on their wireless phone/computer instead of the government and the law needs to catch up with technology.
Looking for a reliable commercial collection agency? Rapid Recovery Solution is number one rated and collects on both commercial and consumer debts, with no upfront fees! RRS is attorney based and very efficient when it comes to collecting debt. Contact them today and get your FREE quote!
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