Over 1/3 of Americans have past due debt
Recently, headlines have driven home the fact that over 33% of Americans have debt that is considered past due or is already in collections. While this is no doubt concerning for our nation’s economy, it also raises serious questions about the current regulations and practices of debt collection firms.
Most debt collectors, like most credit repair companies, operate ethically and within the boundaries of the law. However, as always, a few bad apples can tarnish an entire industry. Government focus on unscrupulous debt collectors is increasing and will likely lead to an increase in regulation nationwide. An article in the Chicago Tribune suggested ways to fight back against scam artists and overzealous collectors, and it is a very interesting read.
A definite area of concern is the fact that many of these supposed debts are not valid for one reason or another but still manage to wreak havoc on consumer’s credit scores. Credit repair professionals such as yourself need to be especially proactive in discussing reported collections with your clients in order to differentiate legitimate debts owed from debts that have been listed erroneously.
On another note, CMS would like to take the opportunity to introduce our new Client Relations representative, Jessica Edwards. She is knowledgeable about the credit repair industry and looks forward to helping out in any way she can! She can be reached via our office line at 877.495.2419. We are confident in our team, and want everyone to know that we are ready and willing to answer any questions or address any concerns you might have about our offerings.