Collection Agency Rapid Recovery Solution Comments on a Recent Article Regarding Consumer Agency Beefing Up Scrutiny of Multibillion-Dollar Collections Market

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Following a recent Wall Street Journal article regarding a consumer agency investigating whether or not debt buyers are being honest with consumers.

On November 6, 2012, collection agency Rapid Recovery Solution commented on an article by the Wall Street Journal regarding the investigation of whether or not debt buyers and attorneys are being honest with consumers about who they are and how much they owe.

According to the Wall Street Journal article, “the Consumer Financial Protection Bureau will move forward on plans to supervise 175 consumer debt-collection firms, beefing up scrutiny of the growing multibillion-dollar market a bit earlier than some industry officials expected.” The article states that a rule was put into action by the consumer agency, which will investigate if these large collection agencies are being truthful with the consumer about who they are and what they actually owe. According to the article, “Only 4% of the nation's roughly 4,500 consumer debt-collection firms would potentially face examinations. But that group represents about 63% of the annual receipts in the market.”

John Monderine, CEO of collection agency Rapid Recovery Solution, offered his comment on the recent decision to investigate large firms. “I'm hoping that through the CFPB the three different types of collectors will start to be governed differently. A junk debt buyer should have different collection laws then 90 day contingent commercial debt collection company like Rapid Recovery Solution,” said Monderine.

Rapid Recovery Solution, Inc. was established in 2006 and is located at the highest point of beautiful Long Island. Rapid Recoverys Collection Agency commits themselves to recovering your funds. They believe that every debtor has the ability to pay if motivated correctly. RRS doesn't alienate the debtors; they simply attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.


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