John
Atlanta,#2Consumer Comment
Tue, April 08, 2003
Ok, folks...lets put this in perspective. These guys are a BILL COLLECTOR...not a public charity. I'm in the credit industry...let me give you a couple of tips. First, these guys probably don't care about their BBB record - most of the folks that make it into late stage collections and collections agencies are quasi-fugitives who will do anything they can to weasel out on their debts. Collectors get an incredible amount of flack from the folks they're calling....including threats, bogus lawsuits, and tons of con games. Second, although you may not like collectors, it is a necessary part of the credit process. These guys keep loan chargeoffs in line...while its a lot of fun to slam credit card companies, you've got to see the other side...without collections, we've got only two options to run an ok business. First, we can jack rates up...way up..for all of the cards we issue. I suspect being unable to do any serious collections probably would cost most credit issuers about 5% of assets per year. Next, we'd have to stop issuing credit cards to most of the market (even with higher rates) since it is pretty hard to make them work without collectors. Like them apples? Most of the folks whining about collections are the same hypocrites whining that the rates are unreasonable or that the approval criteria is "biased". Here's a hint...pay cash - or pay your bill in full every month. Finally, there is a big body of law dealing with what collectors can & cannot do, frequently with CRIMINAL penalties for the individual collector and their employers. If you really have been done wrong, go look up the fair debt collections practices laws and file a proper lawsuit. In my experience, most collections complaints are not a result of wrongdoing on the part of the poor bill collector (who is often as broke as the person they are calling) but rather an example of consumers spending more than they can afford. Not part of Palisades, not sure who they are, but I've heard this song too many times. Look in the mirror before you accuse a bill collector.