Collection Industry Once Again Braces For Major Federal Court Case Consumers Becoming More Savvy Through Internet Research
June 7 — In the past consumers have buried their heads in the sand pretending to be ostriches, in hopes they would not have to talk to the dreaded Debt Collectors. Consumers are now taking a proactive approach to their credit ratings. Current Federal laws are geared to protect consumers and to finally stop harassing collection agents from ruining our lives anymore. That is why more and more debt collectors are finding themselves being sued.
Attempts at positioning itself to become one of the industry leaders, Palisades Collection, LLC may have recently realized that today's consumers are growing more and more aware of their rights. Two Federal lawsuits were filed against them earlier this year alleging numerous violations of Federal industry guidelines.
Do you have a common name? Does someone with a similar name have a similar social security number? If so, you may have already been targeted by a collection agency trying to collect on a supposed debt that wasn't yours. The Fair Debt Collection Act (FDCPA), was enacted in order to prevent collection agencies from engaging in the unscrupulous behaviors of the past. As collection agencies like Palisades turn to mass mailing of collection notices and numerous phone calls, who is to say if that collection notice was really supposed to be targeted at you and not someone with a similar name or a neighbor.
Almost everyone has received a notice to pay a bill for an account you didn't remember. Are you a person that would automatically just pay it, or are you a person that just throws it in the garbage? It doesn't matter which of those you are, the FDCPA states that if you dispute the alleged debt in writing within 30 days of receipt, the debt collector must stop collection efforts until they can properly validate to you that the alleged debt is in fact yours. The same is true when collectors call you all the time at home and work. A simple letter to them will make those annoying and embarrassing calls stop, simply by requesting in writing that all communication be in writing and you dispute the validity of the debt.
One of the most powerful tools collection agents have today is credit reports. Have you ever been at the closing table for a new home and all of a sudden, you have a slew of collection agencies waiting to get paid reporting on your credit reports and you have never even heard of them? Collection Agencies like Palisades know that you can not close on your new home until you pay them, so you have no choice at closing but to write another check. Without ever having the chance of confirming that the alleged debt is yours. With the availability of Free Credit Reports annually now in most of the country and nationwide by years end, it is time for everyone to take that more proactive approach. Check your credit report annually at the very least. You can read about how to obtain your credit reports at www.annualcreditreport.com.
Majority of the time, collection agencies such as Palisades Collection, LLC are illegally reporting on your credit reports. One of the safeguards is the Fair Credit Reporting Act (FCRA), which states that all information contained in your credit reports must be 100% accurate. This is where collection agencies can do the most harm. Collection Accounts should be reporting as closed accounts, cannot have a past due amount or be reporting as late. Most consumers are not aware of that so collectors like Palisades continue to report accounts like that in order to inflict the most damage on your credit score. Have you been thinking of purchasing a new vehicle? What about a new lease? Did you know that one collection account on your credit report can cause you to pay thousands of dollars extra?
Collection agencies like Palisades Collection, LLC. Are going to be held acountable for their actions more and more as consumers become aware of their rights. The internet has a plethora of knowledge with regards to understanding and maintaining your credit reports.internet forums have proved to be an integral resource, credit self help sites today number in the thousands one favorite of many is www.creditboards.com. Don't fall prey to collection agencies like Palisades, educate yourself.
This is a good article and I hope it help you in getting even with the KINGS OF CON THE BOTTOM FEEDERS THE SOBS
Terry
Las Vegas, Nevada
U.S.A.
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