Abusive Debt Collectors Target Black Consumers
December 18, 2015
An old adage teaches that one man’s pain is another’s gain. That adage is a truism when it comes to the debt collection industry.
According to the Federal Trade Commission (FTC), debt buyers pay just 3.1 percent on the dollar for defaulted debts. Additionally, 94 percent of these debts are sold with without documentation.
So why would a business bother with buying old and potentially inaccurate credit claims? The answer is money and lots of it.