Getting serious with the collection agencies

The Wrench now has the ability to file reports to Dunn & Bradstreet as well as all 3 major credit bureaus. What this means is that by working with a major national collection agency who is interested in helping to clean up their industry our students will now (as always) be keeping track of the FDCPA and FCRA violations of the collection agencies who contact them in the process of collecting debts and will be reporting the violations to me and the contacting agency will be charged $1,000 per violation.

Most of my students can easily rack up as many as 8 or 10 or more violations so the damages can easily run to maybe $10,000 or more per student. Once the student has sufficient violations they will be reported to the collection agency who will commence collection activity against the offending collection agency and they will be reporting the sum total of the violations to Dunn & Bradstreet and to the 3 major credit bureus.

Of course, if that were only one or two students that would not amount to much but when any one collection agency ends up with a few dozen such reports against them their credit, both business and personal will be totally and completely wrecked and they won't be able to order even so much as a pizza on credit after a while. The impact on your business and personal credit scores will tank very quickly. After all, even 10 Creditwrench students with say $10,000 worth of violations against an agency would easily amount to at least $100,000 or more and that should make the major credit card companies shudder at the thought of letting such an agency run around with their credit cards in their possession regardless of how well the agency might have paid their bills in the past.

All of the major credit card companies do check the credit of the agencies they hire to do their collecting and of course if the agency itself has bad credit they will think twice about giving them any more business as well.

That fact plus the fact that a fully informed CREDITWRENCH student has the ability to beat a collector in court every time simply means that soon enough the offending collection agencies won't be able to collect any money via the court system either.

While most debt collectors might tend to doubt the veracity of that statement, the proof lies in the fact that more than 400 creditwrench students have defeated motion for judgment filed in their local courts by debt collection attorneys this year alone , and stopped the judgment dead in their tracks due to the fact that the attorneys have provably presented false information to the courts among other gross errors they commit in all of their cases.

I'm sure that it will seem appalling to you to learn that attorneys will routinely deny that their clients have committed violations and do so in the face of incontrovertable proof to the contrary but they do just that.

So the "fun" will soon begin and that will be about the time you check your own company credit reports and find out that you have very, very bad credit. I'm sure you will have a lot of fun trying to explain that to your clients.

THE WRENCH