The US Collections Industry Experiencing Newer Dimensions of Growth

Those days are not far when on logging into the Facebook, one finds a new message in the inbox from a unique sender. This person – or better to say entity – is neither an old friend nor a family member. But, it is the debt collector, asking you the reason for not paying up in time. Debt collectors are not leaving any stone unturned to reach out to debtors. The social media platform is the latest addition to their array of avenues to tap debtors.  

However, not all these actions taken online are legal, as they clearly defy the concept of consumer rights The FTC (Federal Trade Commission) is chalking out plans to impose regulations on debt collectors and compel them to stop online harassment to debtors. Any public information is a fair game but, by virtue of the FDCPA (Fair Debt Collections Practices Act), debt collectors are forbidden to harass abuse or extort debtors for paying up. They also require respecting a debtor’s privacy. Actions like writing on a debtor’s Facebook wall are simply prohibited. Neither can they contact a debtor’s friends and family across the social media platforms.  

As such, the US collections industry has undergone drastic changes in the recent times, especially with the implementation of the FDCPA. The responsibility of personalized debt collection services in Birmingham is being aptly shouldered by the fraternity of proficient debt collection lawyers. Creditors are increasingly depending upon this legal fraternity than counting upon professional recovery agents. The agents were often accused of extorting and abusing debtors thus, violating the principle of consumer rights.

Contrastingly, the legal experts fully understand the importance of the bonding and the trust that businesses build up over the ages with their respective customer base. Thus, the legal fraternity involved with collections practice never applies highhandedness while dealing with debtors on behalf of their clients. Rather, they move cautiously, thoroughly sympathizing with debtors’ condition. As there are no threats, no ultimatums and no harassment from these Birmingham debt lawyers, debtors eventually turn less and less combative. Eventually, they give up and approach the legal experts to help them reach feasible settlements with creditors. Thus, success rate of lawyers involved with collections practice is much higher when compared to that of collection agents.