Sunday, July 21, 2013

One of nation's larges debt collection agencies fined heavily by FTC

One of the US’s biggest debt collectors, Expert Global Solutions, has agreed to pay a large fine, though small in proportion to its revenues, to the FTC for violations of the Fair Debt Collection Practices Act and various rules. A typical media story is by Matt Brownell in Daily Finance, here.

The illegal practices included leaving messages on answering machines that others might pick up, and making illegal calls to third parties tangentially connected to debtors.

I worked for a debt collection agency, RMA, near St. Paul MN in 2003 for a while, and the company was quite strict about following the rules.

However, earlier, another competing company nearby, Tri-Advantage, had not hired me because the manager felt I could not be aggressive enough in manipulating debtors.  

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