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Organizing the Debt Buyer Industry - A Grassroots Outlook

    · DEBT SALES,ARM Industry,Debt Collection,Debt Sales,CHARGE-OFF DEBT

    Dear ARM Industry Friends,

    Typically, when debtors attempt to look online for ways to get out of debt after a collection agency calls them, they wind up with recommendations to send response letters which request more than collectors are legally bound to provide. Also, many debtors wind up with bad legal information which leads them to believe they do not have to repay their debt if they are not provided with such information.

    Debtors also go to the internet to find the collection agency which is calling them for mailing and other contact information. A useful suggestion to collection agencies – include on your website (and get one if you do not already have one as a point of good business practice), particularly one which has a step-by-step plan to assist debtors through the repayment process. If we can flood the internet with helpful advice – and help those who contact creditors by using the website information with a more customer-service oriented standpoint – we may be able to push back some against the flood of bad advice and anti-collections attitudes rampant on the internet whenever debtors are looking to get out of debt.
    As I look back over the past few years, I have realized that we need more ideas like the above to push back against the bad press and poor information in media and on the internet. We have whole communities formed online which promote not just refusal to pay debts, but also attempting to entrap collection agencies in technical violations of the law for profit.
    We need to make it a priority to work with the industry organizations to create a general public relations campaign to respond and attempt to educate and counter the bad information which continually inundates the media and prohibits legitimate debts from being collected.
    I believe a more grassroots-level organization is needed, where both accounts receivable companies, organizations, vendors, and originators assist each other in responding to bad press, bad laws, and corrupt media on a more concerted effort. As a successful user of social media to promote my own business, I believe that we can utilize modern technology and internet connections to do simply a better job of communicating to people who we are and what we do.


    Jeffery Hartman

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