Rapid Recovery Solution, Collection Services Leader, Responds to States Probing Top U.S. Banks Over Debt Collection

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Following the publication of an article reporting that the largest U.S. banks are facing a multi-state investigation into whether they helped pursue faulty judgments against credit card customers, Rapid Recovery Solution releases a statement.

On March 28, 2013, Rapid Recovery Solution releases a statement following a Fox Business article reporting on allegations that were brought up against some of the largest banks in the U.S., stating that the banks “robo-signed” documents and went after foreclosures with faulty information.

According to the Fox Business article, some of the banks being targeted are Bank of America, JPMorgan Chase, Citigroup and Wells Fargo. The investigation will focus on the poor paperwork of the banks, and their weak tracking of debts. When banks sold credit card debt to buyers, they allegedly failed to provide the debt collectors with evidence that the borrowers even owed the money.

“In one of the more notable cases, the FTC last year accused debt buyer Asset Acceptance of misrepresenting that consumers owed a debt when it could not substantiate its representations. The FTC also charged that the firm failed to disclose debts that were too old to be legally collected and repeatedly called third parties who did not owe a debt.”

The article states that investigators have found that banks often did not provide the debt buyers with evidence of individual accounts being in delinquency. Banks only provided basic information about how much money they thought they were owed and who the borrower was.

John Monderine, CEO of the New York-based collection services experts, Rapid Recovery Solution, commented on the banks and their failure with debt collection. “The banks clearly don’t want to be bothered with debt collection, which is why they sell the debt for so cheap. Not providing the right information, though, is a huge mistake. Banks need to provide collection agencies with all the right information regarding the debt, so it makes it easier to collect.”

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.

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