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These days I got a lot of hate mail a lot of people that are are that upset my -- -- industry out.
And down 99% of an out pitch but I thought I would take this particular piece of mail and down.
How to share we usually you would know what was going on its I was on FOX & Friends the other day.
And it was taking a call about how to deal with a credit card collector and I did my normal thing that I've done for a decade and said you know got to be careful with credit card collectors they're -- you can tell -- lying if their mouth is moving and never give them electronic access your checking -- -- under any circumstances.
They'll steal from you clean -- count.
And and do everything in writing because you can't trust anything they say and so all that's stuff option for a decade.
And but I got a letter then of course is a reaction that from the president of a debt collection agency is not name is.
Mike Rivera were very reach O linemen are are reaching -- for reach -- guests are Michael from -- -- your -- He's the president of global acceptance credit and Arlington Texas now.
I'm not read the whole letter I edited because it's very lengthy and detailed and so -- -- just kind of give you -- you -- a sense of this and it'll give me a chance to teach some of you some of the distinctions and things that are out there and where I'm coming for a moment.
We our debt collectors your comment that most credit card collectors -- -- compelled me to email you.
I want to share with you why we believe that we are actually the good guys.
And why the people who work in our industry deserve respect and not degrading comments like you made in the national media.
The efforts of the collection industry make a significant and positive impact on the US economy.
-- The dollars that are collected on defaulted debt are circulated right back into the economy.
Our ability to perform our function efficiently and effectively keeps prices for goods and services lower.
Bull interest rates lower bowl and allows the continued flow of credit bowl.
In addition to protecting and enhancing the financial interest of the 92 to 97%.
Of the consumers that pay their credit card debts are carry no credit card debt which I assume include you -- does include me but that's bull.
You're not Clinton protecting my financial interest.
Our industry keeps hundreds of thousands of consumers who work in credit and collections employed.
True we are not so naive to believe that the millions of collector or consumer communications made that -- some may be handled it appropriately.
All of them or may even be illegal the majority of them.
Nor do we believe that as in all industries there are no bad apples and hours however your comment the most credit card collectors -- urged calm.
And that debt collectors will drain your bank account if they have your checking account number exhibit should not -- the -- of our industry.
-- our mission.
Our people and the facts in summary I what you know your comments were inappropriate.
And do not reflect the truth regarding the vast majority of collections professionals.
Well I I mean first I'll tell you.
That there is no naive but today in and what I'm dealing with I have dealt with people of your -- and your employees -- for twenty years.
Tens of thousands of cases.
I didn't make this up it wasn't a vague opinion -- I pulled out of the air for purposes of melodrama.
Credit card collectors -- -- and you can tell they're lying -- their mouth moving.
Is there a possible chance that 1% of them -- -- out but it's so narrow that it's not -- even talking about.
So now -- I do -- support your idea that somehow your industry is some high -- wonderful industry.
Where you may have that allusion about your industry but I don't have any illusions about your industry -- with the scum you employ.
And our our counselors deal with a -- over the nation.
And so I'm under no illusion of the way they treat people.
When you could discover card or one of their representatives -- debt buyers like your company is the buyers of distressed debt.
Buying the stuff of pennies on the dollar calls the single mom up she doesn't answer the phone or get answers the phone.
And and they say things like.
Well it get your mommy what she's that she's in the bathroom will get hurt because if you don't I'm gonna come get your toys -- -- -- -- discover bill the kid runs crying to his mother.
And has all kinds of problems this is the -- -- crap we deal with.
American Express -- my wife -- she would stay with a man who wouldn't pay his bills this is the kind of crap we deal with.
We've had them clean customers' accounts now we have them -- we have them call 62 times in one day.
We have them call at 4 o'clock in the morning.
-- and -- 1 o'clock in the morning.
We -- called repeatedly seven times during dinner we have -- promised that they can -- she someone's wages when -- not yet executed lawsuit.
All of which are by the way illegal under the federal fair debt collections practices act so they're breaking federal wall when they do that.
There's no agency out there that is armed or staffed or funded well enough to shut you people down when you misbehave.
Otherwise a majority of you would be shut down.
Now am -- against a debt being collected absolutely not.
Am -- against you Mike buying the debt at pennies on the dollar from Citibank and attempting to make a profit by collecting it.
Absolutely not the thing I object to is that you and your organization and people like you break federal while on a daily basis.
That's what I objected.
The way you misbehave in the way you treat the people you deal with.
Is it okay to lean on somebody and put pressure on someone to collect.
You bet calling people names screaming at them calling their neighbors calling their children calling their -- sixteen times in one day.
These are illegal activities not to mention -- scum me.
Which where I got my definition.
Credit card collectors are gone now are all debt collectors -- no I do not believe that.
I believe that there are professionals who do a good job in the industry none of them that I've ever run into seem to collect on credit cards.
There are small town local collection agencies that often do a very good job.
And actually sometimes -- the people they're collecting from I have run into that.
I have run into your local community bank or credit union -- trying to collect a legitimate bill and has to go through some very difficult situations.
And I have no issue with those folks at all.
90% of your mortgage companies that are traditional mortgages to Fannie Mae FHA and VA.
The collectors on the foreclosure departments on there they'll be strong with you they'll bust on you a little bit.
But by and large they do not break federal law and by and large they collect with a lot of class.
They really do a good job.
But these debt buyers.
That are buying the collect -- the credit card stuff.
Have found that one technique works and that technique is to go over the top and absolutely abuse the consumer to know win.
And the in house collections departments for city bank.
For Bank of America for first card for MB NA for discover for JC Penney.
For seniors for household credit have a left anybody out probably.
You just about name and out there they misbehave on a regular basis.
These national companies that have lost their souls and lost their hearts and and Mike when companies like yours going -- by their distressed debt you.
And in 99% of the cases misbehave and you know you do so you're like a payday lenders sending Mia.
-- a four page letter with your PR person is number at the bottom telling me that payday lenders provide a service to the -- No they don't.
They rip the pour off.
-- financially right the -- war they charge them 40800%.
And I call them out and the payday lenders send me the same kind of crappy letter condescending tones like you just sent.
The same thing with the whole life agents that are out there's on this garbage called a lot life insurance I got one not long ago for comments on this show that I didn't really.
Not going into it bottom line is Mike I have one beauty.
And that duty is to tell the truth about what's going on these different industries and my duty is to take care of and protect the -- -- And the listener out there I'm a consumer advocate.
When your industry cleans up its act and starts behaving I will call it so just like I just did with the -- small town local collector who does a good job or the mortgage collector who does a good job.
And and some of them misbehaved to.
Is is there a possibility that a small percentage of credit card collectors but -- if -- there's a percentage of them I'm sure.
But honestly it is not the vast majority and it's not a few bad apples you -- the one that's naive it is an industry that is vastly out of control.
Fortune magazine Newsweek of all done stories on how out of control collections are in this country.
Now the distressed debt buyers companies like yours -- are now buying debt that is not collectible.
Meaning it has been bankrupted and attempting to collect on that.
They're calling the grandmother of the guy who didn't pay his bill and intimidating the old lady -- the paying the debt we get that.
They're buying all kinds of debt found dead people and attempting to collect from relatives who are not in any way.
Liable the company and the collector know this but they use such bullying and intimidating tactics that people of weeks fine.
End up paying people that they don't oh just because -- industries for economic control and needs to be slapped around -- -- -- Well nobody's doing it and regulatory regulatory side.
So you've got me in the media to deal with because I'm gonna stand between you and the consumer -- -- educate the consumer how to metaphorically -- -- baseball -- -- you people.
And control you and keep you in the corner.
So that the consumer is not abuse I'm not suggesting that the consumer doesn't pay a bill videos I've never suggested that.
But I am suggesting that they not take abuse.
I am suggesting that they deal -- you like -- junk yard dog on a -- Because that's what your industry is it's crazy.
And it's mean.
And it -- to be dealt with in a very forceful manner.
Because no one is enforcing the federal laws that you people are violating.
On a daily basis now.
Again we can go back and say there's all kinds of different collectors out there and I don't call all -- -- I do call all credit card collectors -- knowing that there could be a half of a percent of the time but I'm wrong.
But with twenty years in this business dealing -- you people the way you treat my receptionist when you call here trying to collect on one of our customers' accounts.
We have no obligation you idiots and the way you treat people -- out of our organization.
So bring it home by -- if you don't like me I can live with it as a matter of fact I take it as a badge of courage I think it is a badge of righteousness because I'm standing between.
Injustice and the consumer which is what I do we'll be right.
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