One aspect of unfair debt collection practices seems to have been forgotten by society. That is: the concept of the rich business owner polishing his cufflinks but hiring grimy hood-types to collect his company's debts on the side. In today's society, it is the _originating-debtor CEO_ who is responsible for the original debtor's decision to hand the matter over to a PACK OF CROUTONS**. Then subsequently, the CEO is allowed to _continue_ to maintain a 'what me worry' attitude no matter how severe a crouton's steps might take up to and including criminal activity. ( **CROUTON is an apt nickname for a debt collector, in that these people are socially rough around the edges and their main purpose is to get a debtor to eat the green)

This is great news and an example of what our tax money should be used for.

Its a shame when the people empowered to collect money others owe resort to shams and scams, but collection agencies have been the bane of society for 7 decades.

I do not know the whole story, but hiring a felon is illegal? As far as the rest fine them to the cows come home, they can be annoying even after you expain there was a mistake years ago and something was taken care of.

The do-not-call list do-not-work. I get more calls from collectors and debt reduction firms these days than ever. They sometimes have my name right but never any other information about me; obviously cold calls. When they ask me to confirm my address or phone number, I answer, "You tell me." They never can and I wish them a good day and hang up. Never give or confirm personal information to someone who calls you. If it really is your bank they'll understand when you say you'll call them back at the number on your card.

While we always need regulatory reforms to avoid entrenched regulators, this article highlights the need for effective regulation. It starts with a corporate culture that rewards effectiveness but not at the price of ethical practices, and it also requires external regulation of financial-related businesses. Unfortunately, the wheels of external regulation turn slowly, so that is why it must be part of the corporate culture. It's too easy to name a "high producer" as the "employee of the month". Whether it's a mortgage loan officer, foreign exchange trader or a debt collector, oversight is crucial in the long-run.

"The newspaper found that 743 criminal offenders in Minnesota had been registered as debt collectors since 2005." Seems like it ought to be a pretty simple matter of cross-referencing an application to become a debt collector with the criminal database. Perhaps there's something I don't understand in there, but it looks like the state is under-performing on this matter as well. While necessary, sounds like these companies can get pretty nasty, Reign them in!

I'm not certain why we allow corporations who lend or give credit to sell unpaid accounts to the highest bidder. If Bank X was required to sleep in the bed it made, they would be less likely to extend lines of credit without validation of ability to pay. Would it make credit harder to get? Yes, but I'm pretty sure that we would all adjust to the new normal after a period of whining. Instead, we allowed a cottage industry to develop and buy up debt for pennies on the dollar, companies that have every reason to cajole, harass, or threaten, and hire felons, some of which probably were jailed for fraud and other financial crimes. Shut 'em all down and only make the lending or selling institution able to collect.

I really like the companies that call up family members and "think" the debtor might be living there. Then they say "you're also listed as a possible contact." Then they can't produce any paperwork with the number they just dialed or your name on any paperwork when asked.

Then after you catch them in their own phishing scheme to get in touch with someone in a contract you had no part of, they have the nerve to move on to thinking of you as some sort of unpaid messenger service.

Pay your bills if you are the debtor. I have no sympathy for deadbeats that put themselves in that situation. But if you are using public records to contact family members that have no part in some unpaid debt, then the businesses AND THE INDIVIDUAL(S) involved should be subjected to the largest penalties applied on the do-not-call piece of legislation plus an automatic two year restraining order on their public record.

Hello- who is going to jail? Someone organized this and where did the money go? I wish there was some more diligence here, but it all feeds back to McLean VA...oh guess that is why