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Shady loan company. Help!
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<blockquote data-quote="susiestar" data-source="post: 576571" data-attributes="member: 1233"><p>I have known not only people who work for collection agencies, but also some people who have owned them. While many are reputable, many are not. It is quite common for an agency to buy a list of bad accounts and never see the original paperwork because the orig company lost it or can't be bothered. Then there are also agencies who buy lists of names of people with low credit and/or who have had accounts go to collections in the past. They invent a debt or find an old debt on a credit report and then with-o having ANY authority, they start demanding payments and threatening court proceedings. They come on very strong the way this co did, and then they backpedal FAST or drop out of sight when someone insists on a full statement. They can't ive that statement because there isn't a debt. Often there will be a pocket of agents in a large collection agency who do this and funnel the money to themselves or to make it appear that they are doing an awesome job. It is one thing I learned about from coworkers at a bank. One of my coworkers quit a collection agency job because he figured out that they didn't acttually own any debts that the people they were calling owed. It was part of a very large national bank that is one of them that got a giant bail out. His boss offered him half of all he collected on those fraudulent debts and he was tempted, but he stopped because he didn't want to ruin his future to try to steal a few hundered dollars a week.</p></blockquote><p></p>
[QUOTE="susiestar, post: 576571, member: 1233"] I have known not only people who work for collection agencies, but also some people who have owned them. While many are reputable, many are not. It is quite common for an agency to buy a list of bad accounts and never see the original paperwork because the orig company lost it or can't be bothered. Then there are also agencies who buy lists of names of people with low credit and/or who have had accounts go to collections in the past. They invent a debt or find an old debt on a credit report and then with-o having ANY authority, they start demanding payments and threatening court proceedings. They come on very strong the way this co did, and then they backpedal FAST or drop out of sight when someone insists on a full statement. They can't ive that statement because there isn't a debt. Often there will be a pocket of agents in a large collection agency who do this and funnel the money to themselves or to make it appear that they are doing an awesome job. It is one thing I learned about from coworkers at a bank. One of my coworkers quit a collection agency job because he figured out that they didn't acttually own any debts that the people they were calling owed. It was part of a very large national bank that is one of them that got a giant bail out. His boss offered him half of all he collected on those fraudulent debts and he was tempted, but he stopped because he didn't want to ruin his future to try to steal a few hundered dollars a week. [/QUOTE]
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Shady loan company. Help!
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