Portfolio Recovery Associate letter to FTC

Anonymous · ‎04-20-2008

I found this letter from Portfolio Recovery Associates to the FTC. Thought if you haven't seen it you might find it enjoyable.

http://www.ftc.gov/os/comments/debtcollectionworkshop/529233-00022.pdf

Message Edited by guiness56 on 04-20-2008 05:32 PM

MattH · ‎04-20-2008

@Anonymous wrote:
I found this letter from Portfolio Recovery Associates to the FTC. Thought if you haven't seen it you might find it enjoyable.

http://www.ftc.gov/os/comments/debtcollectionworkshop/529233-00022.pdf

Message Edited by guiness56 on 04-20-2008 05:32 PM

Hmm, they actually make some reasonable points. If I were to default on my AMEX card (which I won't), and they sent it to a collector, I wonder if they still have the original application with my signature from 1982? Now that I bank online, they don't even get checks from me, so it's been quite a while since they got ANYTHING bearing my signature from me.

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Anonymous · ‎04-20-2008

I am reading it they are trying to make it easier for them to validate with less information. That would be good for them, bad for us. If they can't validate, they can not collect or report.

dragnldy · ‎04-21-2008

I read that they want to validate with less info. Also that they don't want the burden of having to validate anything themselves. Instead, they want to put the cost of keeping records on the OCs even after the debt has been completely sold. They don't want to keep the cost on something they purchased. Why should the OC be responsible for maintaining records on something they sold to a CA? Whoever owns the account should be responsible for keeping accurate and complete data.

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Anonymous · ‎04-21-2008

I agree. I believe they are also trying to make the OC keep records longer. Most only keep them for 2 years and that makes it harder for the CA to validate, if not impossible. That means they can't collect. If the debt is sold the OC should have provided the CA with all records, therefore making the CA responsible.