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What debt collectors don’t want you to know?
Consumers are at a big disadvantage dealing with collection agencies
American consumers are no match for incredibly sophisticated collection agencies collecting unsecured debts, such as credit cards, personal loans, lines of credit, student loans, medical bills, and utility bills.
While your dentist may use a local collection agency to collect overdue accounts, major credit grantors use large collection agencies that operate across the country. These big collection agencies may operate from huge state-of-the-art call centers, employing hundreds of collectors. They are extremely sophisticated operations with enormous investments in computers, collection software, and leading edge telephone equipment.
Major U.S. credit grantors usually place their delinquent accounts with several large collection agencies. These agencies compete on an ongoing basis to collect the most monies from consumers on behalf of a particular creditor. These ongoing competitions determine which agencies retain the client and the amount of future business that is awarded. This never-ending competition places tremendous pressure on collection agencies and their employees to collect every dollar they can from consumers.
Thousands of Americans make payments to collection agencies that collection agencies cannot legally force them to pay
Each workday, thousands of American consumers make payments to collection agencies that collection agencies cannot legally force them to pay. The consumer may have a good defense, the collection agency may have broken the law or, due to practical considerations, the odds of the collection agency collecting the account are poor.
Consumers need information to deal effectively with collection agencies
If you want to avoid paying a debt a collection agency claims you owe, it can be very useful to take advantage of the knowledge of a former collection lawyer and collection industry insider. Mark Silverthorn has 12 years of experience acting as a lawyer for collection agencies. He is familiar with the various circumstances in which consumers have avoided paying their debts.