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Posts Tagged ‘bad debt collection agencies’

The bill collections industry’s tactics may be taking a turn for the….better? Keeping in mind the amount of recent lawsuits against debt collection agencies, ACA International, the biggest trade group of professional creditors and collectors, says more and more collection agencies are working towards training collectors to take a more of an empathetic position.

Empathy might just be the answer that can turn the industry around. A lot of people in debt are being called by numerous collections agencies, and if they do have money, they aren’t going to want to give it to the aggressive threatening collector, they will give it to the person they can work with.

There is no doubt that text messaging has become a major medium for exchanging information. Easy, painless, no speaking on the phone. No wonder that according to the latest statistics that have been taken there were almost 750 billion text messages sent in the U.S. in 2009, almost double the number from one year before. Actually, technology and research firm executive Jacob D. Almeida recently predicted that money transfers will be the top mobile application by as early as 2012.

Debt collectors have stayed out of this field for now; The Fair Debt Collection Practices Act was a landmark legislation that went into effect in the late 1970s and has strictly outlined how debt collectors can call and when. Seeing as this act is even older than a stereotypical “Saved by the Bell Cell phone” from the 90s, it might be due time to adjust the law. But analysts are saying that any change in this area would have to come from consumers seeking change, not collectors.