Stop Collection Agency Harassment

Lori Swanson, Minnesota AG does it again. She is on the warpath in our humble opinion. This article is regarding collections and lawsuits from junk debt buyers.

Legislation set to be introduced in Minnesota later this month would ban the practice known as “re-aging” delinquent accounts, making it more difficult for debt buyers to collect debts – particularly in cases where the amounts owed cannot be verified.

The bill would require debt buyers filing collection lawsuits to produce documents that prove the borrowers being sued actually owe the debts. That paperwork includes a copy of the contract or written evidence of the original debt, an affidavit stating the date and amount of last payment and written proof that the collection company does, indeed, own the account.

Failure to do so could result in fines reaching $2,500 per violation – and consumers would have the right to sue for damages. The Minneapolis Star Tribune published a story about the proposed legislation in Tuesday’s edition. Read more here: ARTICLE

Highest debt buyers 2007 rankings according to revenues (in thousands)…

1 Sherman Financial Group $1,250,000
2 Unifund 375,000
3 Asset Acceptance Capital Corp. 344,100
4 FirstCity Financial Corp. 310,000
5 Encore Capital Group Inc. 255,140
6 Aktiv Kapital Group1 240,684
7 NCO Portfolio Management 186,963
8 Portfolio Recovery Associates Inc. 163,357
9 1st Credit Ltd.2 107,546
10 ASTA Funding Inc.3 101,979
11 Intrum Justitia Group 59,000
12 Lowell Group 56,000
13 New Century Financial Services Inc. 47,000
14 Professional Recovery Systems LLC 35,000
15 RJM Acquisitions LLC 32,000
16 Resurgence Financial LLC 23,000
17 The Sagres Company 12,500
18 Streamline Capital Partners LLC 1,850

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