Strong ARM – How the Debt Collection industry has grown through aggressive practices in the economic downturn
What would it feel like to have your wages garnished for a debt that you didn’t even owe? This unfortunate scenario happened two times to a New Mexico woman who had no connection to the Target Bank account or to the collectors employed by Target. This happens more frequently as the marketing and purchase of debt has increased substantially in the last few decades. Although technological advances and an increase in the size of debt buyer firms have created a more profitable industry, the industry also holds the record for having the highest number of complaints filed against them with the Federal Trade Commission. Regulators are not able to deal with every case, but the Fair Debt Collection Practices Act grants citizens important rights in debt disputes.