Throughout Southern California and across the United States, people must deal with debt collection agencies seeking payment from those they have loaned money. Often, these loans are bought by different debt collection agencies seeking to make a profit and who, sometimes use, unfair debt collection practices to try and collect. To best defend yourself from companies that use unfair debt collection practices, it is important to know who they are and how they operate. Some important facts to know about debt collection agencies, according to Marketdata Enterprises, Inc.’s U.S. Debt Collection Agencies: An Industry Analysis, include:
- Collection agency industry revenue grew to $12.2 billion in 2011, and is projected to be approximately $12.8 billion in 2012.
- There are more than 140,000 workers in the collection agency field, with each worker collecting about $245,000 per year. Fierce competition can lead to illegal and aggressive tactics.
- Collection employees work on a contingency basis, meaning that most of their income is based on a percentage of how much they collect.
- In 2011, debt collection was the number one consumer complaint to state government offices.
Being aware of collection agency tactics will help you understand your rights and how you can defend yourself from unfair tactics. Riverside fair debt collection lawyer Howard D. Silver can help put an end to the illegal collection practices you are facing. For more information call the Law Offices of Howard D. Silver at (855) 341-2611.