Collection companies are businesses just like any other, most buy unpaid debt from the original creditor for a fraction of the original amount owed and then try and collect as much as possible from you.
For example, If you had an unpaid credit card balance of $2000, a collection company may buy it from the creditor for $400 and will attempt to collect the full amount from you. This is sometimes the reason for the continuous harassment from collection agencies collection agency phone harassment.
It is important to understand that you have personal rights in reference to how collection agencies communicate with you in reference to any debt. They must follow these laws and you also have the right to sue them if they don't.
A collection agency by law cannot call you before 8.00am and after 9.00pm and must also stop calling you once you instruct them to by putting it in writing. It is also possible to remove collection accounts from your credit report.
In order to do this it depends on the stage of the collection account, if its older than 7 years then you can have it removed with a simple letter to the credit bureaus. If its an account where the collector is still calling you, you can negotiate a lower payment in exchange for them deleting it from your report.
Owing a debt does not automatically subject you to harassing, threatening and other inappropriate collection agency behavior. Some collection agencies go too far with what I call "renegade collectors" they will repeatedly call you at your home and/or business, threaten to send a marshall over to serve you with lawsuit papers or send intimidating letters, appearing to come from an attorney or law firm, stating that you will lose your car, wages and other property if you do not pay your debt! It does not matter that you failed to pay a debt or that you can not afford to pay your debt at this time no one should intimidate, threaten or harrass you or coerce you to give out personal or financial information. Inappropriate collection procedures can intimidate you into paying for costs that may not even be your responsibility.You are protected by the law from innapropriate collection procedures.
The Federal Fair Debt Collection Practices Act, the New York City Consumer Protection Law Regulation 10 and New York State Statute, General Business Law, Article 29-H, (the "State Statute") all prohibit threatening, harassing and intimidating collection procedures. For instance, the State Statute prohibits a collection agent from (a) threatening to communicate with your employer prior to that agent obtaining a judgement against you, (b) communicating with your family or household at such frequency or at such unusual hours as can reasonably be expected to be abusive or harassing, or (c) simulating any legal or judicial process or appearing to be authorized, issued or approved by the government or an attorney to collect a debt.
Also, if the collection agent sends you a letter demanding you pay without the reuired notice under the federal law regarding your confidentiality, your rights to dispute the debt an dgiving you the appropriate 30 days to respond, then the debt collector is automatically liable to you for any damages plus three times the amount of your damages. Each violation of the State Statute is a separate misdemeanor offense. You can file charges with the State Attorney General or your County District Attorney and also request a restraining action against the collection company to stop it from continuing abuse and harassment.
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