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Ten Unconventional Knowledge About Credit Bureau Collections That You Can’t Learn From Books | credit bureau collections

Collection agencies thrive by targeting those with poor credit histories. In this new millennium it is no longer enough just to chase down credit card or medical billing fraudsters. Today's consumers are paying more attention than ever to how they spend, where they shop, and who they owe. Credit card companies and collection agencies are watching your spending habits so they can increase their profits. To compete in this market, agencies have increased their collection efforts in a variety of ways.

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The U.S. Federal Trade Commission, better known as the FTC, regulates credit reporting bureaus. It sets the guidelines, or the rules, that all other agencies must follow when collecting a debt. The most common way that collection agencies go about trying to recover past due accounts is to visit the consumers themselves. Many consumers are oblivious to the fact that they have already paid an account on a credit bureau. Often, they only discover this when they begin receiving collection calls or have their credit report pulled.

Another method collection agencies use to collect past due debts from consumers is to use a “rogue” or unregistered agents. These individuals are not formally employed by the credit bureau and therefore are not subject to the same rules as the duly licensed and registered agents. Since most consumers do not realize that they have already paid an account on a credit bureau, they will be shocked to learn that a debt collection agency has filed a false claim against them. Debt collection agencies usually target people who have poor credit reports or late payments on their accounts.

As mentioned earlier, some of these collections are filed legally. There are other questionable practices that some collection agencies use to attempt to recover past due accounts. Many of these unethical techniques were disclosed in a report released by the Consumer Financial Protection Bureau. In one of the more notorious cases, the collection agency forgets to give a consumer a notice that he or she has paid an account. When the consumer then requests a review of his or her credit score, the agency accidentally publishes inaccurate information about the consumer's credit score. This inaccurate information causes many lenders to decline the consumer's request for a new credit card.

One of the other questionable tactics used by collection agencies involves threatening consumers with lawsuits if they do not pay their debts. Some debt collection agencies even threaten to have people arrested if they fail to pay. This is blatantly wrong and should be illegal.

The most troubling aspect of these collections is that they often go after consumers that simply do not own any assets. This makes these types of collections a serious threat to your financial future. Unfortunately, there is very little that you can do to avoid being a victim of these kinds of collections. If you find a debt collection agency has filed a false report about you on your credit report, then you must file a complaint with each credit bureau and the company that filed the inaccurate information.

However, you may be able to avoid being a victim by carefully shopping around for a credit bureau reporting company. You may also want to look for a company that specializes in helping consumers understand their rights when dealing with collection agencies. By taking steps to protect yourself, you can ensure that you do not become another victim of the unethical practices of collection agencies. You can contact a debt collection agency reporting company if you think that your credit file has been falsely filed with a collection agency.


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