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Collections Law/MCM collections

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Expert: - 3/2/2011


Question
I received a letter from MCM collections for a CIT bank account ive never had nor was aware of saying they purchased My CIT bank account and i owe them 1960.86$ what can i do to rectify them what should i not do? and what should be my first step taken?

Answer
Collection agencies buy past due accounts from banks for pennies on the dollar.  The best thing you can do now is to settle the debt.  They will normally settle for 50%.  Why so much?  They have to make up for the ones they will never collect.  If you can not reach an agreement, be prepared for some hard core collections tactics.  I wish you the best with this.

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Volunteer

Ray A Miller

Expertise

I am qualified to answer questions on the following subjects: FDCPA, FCRA and HIPAA as well as medical collections, general collections and collection agency related issues. I trained these subjects at a nationwide collection agency and customer service call center and audited around 150 representatives for compliance to the laws. I have been in the Collections Industry for over 30 years. I feel that everyone deserves to be treated fairly and with compassion and that is the way I trained collectors. Even though I worked for a Collection Agency, I get great satisfaction in helping those who have been mistreated or in need of help with these confusing issues.

Experience

I was the Compliance Administrator with a nationwide collection agency and customer service call center-I have trained hundreds of collectors on the above referenced topics. I have been in the medical collections industry for over twenty years and research these topics on a daily basis.

Organizations
ACA International

Education/Credentials
Some college ACA Certified Collection Specialist

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