When it comes to my very job, I love being able to do my duties without someone constantly checking over my shoulder. This became quite a bit problem in retail when I was working under someone who had a constant eagle eye over me. I understood my job and I didn’t appreciate someone having to check frequently. It seems like almost each collection company is going to have to incur a similar experience since a particular bureau is going to be looking over the actions of the line of work.
As it stands, the Consumer Financial Protection Bureau is going to be overseeing every collection company that possesses more than $10 million in annual receipts. Essentially, each of the companies is going to be watched over to see how closely they adhere to the rules found in the Fair Debt Collection Practices Act. Organizations such as Rapid Recovery won’t have to concern themselves too much with this, though. If companies follow the rules even without having a bureau watch over them, then no fear should be had.
The bureau will be looking over a great deal of factors which a company should follow. For one, the bureau will see how well they provide disclosures. How well will a collector identify themselves in addition to the amount that is owed? Their evaluation will also hinge on the accuracy of such information. If such information is not entirely accurate, then it may lead the collector onto a stray path where the target may have already paid off the amount owed.
The overall behavior towards a debtor is also going to be looked at. Complaints from the debtor’s half should be taken into account and solved in a timely manner. In addition, it’s against the FDCPA to outright harass a debtor in order to get the payment that is owed. No amount of offensive language or gestures will go unnoticed and it’s a clear indication that the collector isn’t exactly as reputable as he or she might have seemed before.
Like stated before, the reputable collection companies shouldn’t have to worry about such problems. After all, they’ve done great work in the past and a bureau being at the ready will be, if nothing else, slightly annoying. It’s the companies that have gotten away with taking advantage of debtors that have to be concerned about this movement. Come January, we will see just which entities will stand strong and which ones will fall.