5 Myths About Debt Collectors

What comes to mind when you think of a debt collector?

Have you heard only bad things about people in the collection business?

If you’ve only heard that debt collectors are heartless sharks, then you haven’t heard about debt collectors who are good at their job. There may be heartless collectors out there, but on the whole, people in the collection business are nothing like the cold rumors you may have seen online. 

Myth 1: Debt Collectors Enjoy Making People's Lives Difficult

Contrary to popular belief, people who work in collections are not motivated by a desire to make people's lives difficult. The primary goal is to recover outstanding debts for clients while adhering to legal and ethical guidelines. They understand that financial difficulties can arise for various reasons, and their aim is to work with debtors to find mutually beneficial solutions whenever possible.

Myth 2: Debt Collectors Are Unsympathetic

While debt collectors must follow certain procedures and regulations, it doesn't mean they lack empathy. Good debt collectors recognize that each debtor's situation is unique and are often willing to explore alternative payment arrangements that take this into account. The ultimate objective is to find a resolution that satisfies both the creditor and the debtor.

Myth 3: Debt Collectors Resort to Threats and Harassment

Ethical debt collectors operate within the bounds of the law and professional standards, which strictly prohibit threats, harassment, or abusive behavior towards debtors. Maintaining a respectful and professional demeanor is not only required by regulations like the Fair Debt Collection Practices Act (FDCPA) but also crucial for good communication and resolving debts amicably.

Myth 4: Debt Collectors Have Unlimited Power to Collect Debts

While collectors have a duty to pursue debts owed to creditors, their authority is not limitless. Debt collectors must operate within the confines of the law. This includes respecting debtors' rights, such as the right to dispute debts, request validation, or seek assistance from consumer protection agencies.

Myth 5: Debt Collectors Are Indifferent to Debtors' Financial Hardships

Collectors who do their job well aren’t heartless. They understand that life circumstances can change, leading to difficulties in meeting financial obligations. Many people in the collections industry are trained to approach each case with empathy and understanding, seeking to find solutions that accommodate debtors' current situations while still fulfilling our obligation to recover debts.

Have Questions about Credit Collection Services?

Don’t be afraid to talk to a debt collector!

If you have questions about any credit collection services, our B2B collection experts are more than happy to chat. To get in touch, call (248) 370-8160 or submit a contact form here.