Bohemia, NY (PRWEB) November 01, 2012
Collection agency Rapid Recovery Solution comments on an article published by Reuters which reports that in January 175 debt collectors will be supervised by The Consumer Financial Protection Bureau (CFPB).
The [Reuters article explains that the supervision is being implemented to ensure debt collectors are treating debtors with fairness. According to the article, “The agency said it will determine whether debt collectors properly disclose the amount owed, maintain accurate data about consumer debt, and address consumer complaints quickly.” The Reuters article reports that debt collection agencies “with more than $10 million in annual receipts from consumer debt collection” will be supervised by the CFPB.
According to John Monderine, CEO for collection agency Rapid Recovery Solution, “The more restrictions put on the industry as a whole will only cause job loss. The Fair Debt Collection Practices Act needs to be updated to reflect the current times and technology so we can do our jobs.”
The article states that starting in September, the CFPB started to supervise credit reporting agencies with an annual income of $7 million. The Reuter’s article reports “About 30 million Americans have outstanding debt that is subject to collection, the agency estimates.” In addition, the article reveals that the CFPB has released “the field guide that examiners will use to supervise debt collectors.”
Founded in 2006, RRS Collection Agency 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.