PSA: Illegal ways to collect debt that everyone should be wary about

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Brennan & Clark is a business collections agency that has time and again proven that it can provide quality collections for its clients. However, the agency has taken that extra step to help inform people who are willing to read and learn about the ins and outs of collections. After all, debt collections, whether business or personal, is a big part of everyone’s lives.

On that note, Brennan & Clark shares with people its insights on illegal practices on collections that every American should be wary about.

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• Businesses that hire debt collections companies should do their research and should monitor how these companies collect debts for them. For example, in 2015, JP Morgan Chase was caught practicing illegal ways to collect debt causing widespread outrage, refunding of collections, and payment of penalties.

• The U.S. Federal Trade Commission regulates the ways debt is collected via the Fair Debt Collection Practices Act or FDCPA. Any method of collecting that isn’t part of the FDCPA guidelines is considered illegal.

• There are certain times of the day when debtors may not be contacted. These are early morning or late at night. The debtor may also be requested to not be bothered at work.

• Any threat, harassment (online or in the real world), cursing, non-stop calling, badgering, false statement, or deception is not allowed by the FDCPA.

• Charging a higher rate in the guise of an increased interest, which isn’t part of the creditor-debtor contract is considered illegal as well.

Brennan and Clark is a business collections agency that aids entrepreneurs in eliminating credit losses. The firm, which has been operating for more than 30 years, is known for forming strategic alliances with its clients. For more articles like this, visit this page.