Bohemia, NY (PRWEB) December 16, 2012
On December 16, 2012, collection company Rapid Recovery Solution commented on a Buffalo News article by Brad Davidzik regarding the reasons why federal overview of debt collection agencies should be expanded to smaller agencies as well.
According to the Buffalo News article, although federal overview of debt collection agencies is a “step in the right direction,” only agencies that collect more than $10 million a year will be monitored. The article states that, “Out of the approximately 4,500 debt collection companies in the country, about 175 have receipts of more than $10 million. The bureau will only scratch the surface of this problem.”
According to the article, “While larger agencies have their share of violations, it’s the smaller operations that commit the most egregious and outrageous violations.” The article mentions that the larger firms are the ones that actually follow proper procedures and policies, as well as compliance offers and attorneys.
The article informs that, “Employees of small firms, who are not trained or supervised as thoroughly as those at larger firms, tend to violate the act with much greater frequency.” According to the article, regulators should delve deeper and help the people who are unlawfully being harassed by the unregulated firms.
John Monderine, CEO of collection company Rapid Recovery Solution offered his comments toward the article. “It is not fair that the agencies collecting the most money are the only ones being monitored, while the smaller firms commit violations without any consequence.”
Founded in 2006, Rapid Recovery Solution, Inc. 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.