Bohemia, NY (PRWEB) July 26, 2012
On July 26, New York debt collection agency, Rapid Recovery Solution, Inc., released a statement in response to the increasing number of debt collection schemes, resulting in over $5 million paid in “phantom debts.” The New York agency emphasized the role payday loan companies play in the scams, stressing that they need to have greater sanctions in regards to debtors’ information.
According to the investigation and article by ABC Nightline, the majority of scammers call from overseas, posing as police officers via telephone and threatening to arrest victims if they do not comply with their demands. One victim says she was told that she will go to jail if she did not pay the debt the scammer insisted she owed. “Authorities say the scammers buy their victims’ names and financial information from dishonest online payday loan brokers,” says ABC Chief Investigative Correspondent Brian Ross. Consumer attorney, William Howard, says, “That information is on the internet and it’s accessible to these scam artists.”
CEO of Rapid Recovery Solution, Inc., John Monderine, states, “I think mainstream media has to stop villainizing debt collection agencies. Payday loan companies need more sanctions to protect private information and only give it out to reputable collection companies.”
Legitimate collection agencies do not sell nor hand over debtors’ information. There are laws set up to ensure consumer protection, including the ban on false identity assumed on part by collectors. In the case of bullying and threats made by collectors, Rapid Recovery Solution Inc. suggests reporting such instances to authorities and refusing to pay any sum of money unless positive that the debt is in fact owed.
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.