Bohemia, NY (PRWEB) February 07, 2013
On February 7, John Monderine, CEO of Rapid Recovery Solution, responds to an article published by the American Banker, which encourages collection agencies to stay away from social media outlets when contacting debtors.
According to the article published by American Banker, the rules regarding contacting debtors through various forms of technology are a bit cloudy. The article said third-party agencies have to abide by laws set in the Fair Debt Collection Practices Act (FDCPA) originating in the 1970s and the Telephone Consumer Protection Act from the 1990s.
However, the article said not many of the laws were amended to fit the needs of society when it comes to technology. Banks and first party collectors are able to get around these laws because they are not subjected to the FDCPA, but the article said its hard for third party commercial collection agencies to figure out what’s off limits.
While many laws remain primitive, the article said many regulators are trying to keep up with the evolving technology spectrum and how it can be adapted for debt collection. The Federal Financial Institutions Examination Council published a social media guide for financial services companies, the article said. The guide did not lay down new laws, but reminded everyone on the current rules and how to relate them to social media.
The article said recent court cases have denied debt collectors the ability to contact debtors on Facebook and other social networks.
John Monderine, CEO of collection agency Rapid Recovery Solution, said it’s just better to avoid social media all together. “If you identify yourself as a debt collector on social media, you’ve just made it a lot harder to do your job,” he said. “First of all, no one wants to be friends with a debt collector and second, social media is a highly personal medium. That means it would be almost a form of stalking or harassment if a collector attempted to communicate with the debtor on a social network.”
Monderine said sometimes it’s hard to contact a stealthy debtor, but going to social media should not be an option. “We might be debt collectors, but we also want to help out our debtors, not make them enemies,” he said. “Contacting someone on social media would probably cause more of a headache for your business than using traditional forms of communication. We don’t want the debtor to evade us.”
The article concluded that commercial collection agencies should use other means of communication to track down debtors instead of social media.
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.