Experian Helps Creditors Collect From Debtors

Did you know that Experian, the credit reporting agency, offers a service to creditors to help them collect their debts? It offers four tools to help creditors. First, it provides a tool to help creditors “locate hard-to-find debtors.” That data is about you. It was collected by Experian from your creditors and employers and now is being packaged and marketed as a tool to use against you.

Second, it offers a tool called “Collection Prioritization and Strategy” which is touts as a way to develop a more focused collection strategy by determining which accounts have the highest payment potential. Again, using data collected about you and other debtors, Experian has profiled debtors like you to help creditors collect from you.

Third it offers “Monitor Unpaid Debt.” Experian advertises that “Customers who've gone into arrears usually become solvent again at some point in time. We'll monitor your debtor accounts and let you know when a customer's ability to pay has improved so you can immediately start working the account again and collect the unpaid balance.” Data about you getting a new job and paying down debt is for sale to help your creditors target you to collect more.

To top it off, Experian has created a Collections Management System which it says “has a proven track record of improving debt receivables.”

All that data it has collected about you it is sharing with creditors to find you, prioritize you, monitor you, target you and help creditors collect debt from you. Great tools, right, if you are a creditor.

What tools do you, the debtor have? You have great tools too.

The Fair Debt Reporting Act protects you from inaccurate credit reporting including accounts fraudulently created in your name.

The Fair Debt Collections Act protects you from unreasonable debt collection practices by debt collection companies.

The Federal Bankruptcy Act gives you a chance for fresh start free of creditor collection harassment.

Laws preventing garnishment of your wages by creditors allows you to determine how to use your earned income and how to prioritize your debt payments.

Federal Student Loan Forgiveness Programs offer loan forgiveness and/or repayment options if the borrower is able to meet certain eligibility requirements.

Statutes of Limitation are laws that prevent collection of debt from you more than four years after it became due.

But how do you use your tools? In the face of the enormous debt collection industry in this country and the resources dedicated to helping them take money from you, money which you may not owe, you better have a plan. That is what we do, help you make and follow through with a plan to either eliminate or re-organize your debts. We advise you of your rights, your protections and your options. If you are ready to get some relief and protect yourself, a member of our debt management and collection team at 610-323-7464.