Bohemia, NY (PRWEB) November 13, 2012
On November 13, collection agency Rapid Recovery Solution responds to an article published by wltx.com which reports that a new watchdog group will protect consumers against unfair debt collection.
The wltx.com article reports, “Nearly one out of 10 Americans is dealing with debt collectors for an average of about $1,500 apiece, according to the Consumer Financial Protection Bureau.” The article goes on to state that starting in January 2013, large debt collection agencies will be supervised by the new watchdog group as a means to ensure that the 30 million debtors in America are being treated with fairness.
According to the article, the supervision will be for collection agencies that “might buy defaulted debt and collect the proceeds for themselves; companies that collect defaulted debt owned by another company in return for a fee; and debt collection attorneys that collect through litigation.” Although the New Year will bring new protection for debtors, the article reports that “Consumers who rightfully owe a debt would still have the responsibility, if able, to pay it.”
As well as weeding out debt collection agencies that use unsavory tactics, this new practice of supervision may benefit law abiding debt collection agencies. According to John Monderine, CEO of collection agency Rapid Recovery Solution, “This new consumer agency is exactly what this industry needs. I'm sick and tired of my 3rd party contingency agency being confused with bottom feeder junk debt buyers.”
The article reports that while debtors who rightfully owe money are responsible to pay, the supervision will benefit those who feel harassed or unjustly billed. In addition, the article states, “Consumer advocates say the CFPB's new oversight could help because it would apply to firms that handle about 63% of the annual debt-collection receipts.”
Established in 2006, Rapid Recovery Solution is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.