Bohemia, NY (PRWEB) February 11, 2013
On February 11, CEO of Rapid Recovery Solution John Monderine comments on an article published on Bloomberg, which discusses how collectors are using social media to contact debtors.
According to the article posted on [Bloomberg, federal regulators from the U.S. Consumer Financial Protection Bureau and the Federal Trade commission are taking a closer look at how debt collectors are using social media to contact debtors. For the first time, the FTC and the CFPB are examining complaints about the debt collection industry. In 2011, the FTC received about 180,000 complaints from consumers about unfair debt collection processes. The article said both agencies are trying to determine how else they can regulate debt collectors.
Unfortunately, the rules involving social media to contact debtors are unclear, the article explained. Mark Schiffman, a spokesperson for debt collection trade association ACA International said federal laws have not highlighted how collectors can use websites like Twitter and Facebook legally. The article said ACA International tells its members to avoid social media when communicating with debtors.
The article also said the Federal Financial Institutions Examination Council, a group of U.S. bank regulators, asked federal regulators to explain a proposed guidance for banks using social media. It also said forbidding collectors to utilize social media for debt collection could affect networks like Google, Yelp and LinkedIn.
John Monderine, CEO of collection services company Rapid Recovery Solution, said, “Social media is a cloudy area for debt collectors,” he said. “Most of these social media sites are not private. If a collector posts on a debtor’s wall friends could read it, resulting in an invasion of privacy. It’s best to avoid using social media all together and announcing that you are a collector on social networks.”
Though Monderine advised collectors to stick to traditional methods of communication, he also said federal regulators need to solidify laws soon. “I’ve been hearing some crazy stories on the news about ways debt collectors are threatening and contacting consumers,” he said. “Most of them are unprofessional, illegal and unacceptable. Lawmakers need to speed up the process.”
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.