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No.
Actually, they don't have much power in the US, either. Far less than they pretend.
Not true. I am president of a commercial collection agency in the USA and represent many US and Canadian companies where the debtor is a Canadian Co.
While its true that a collection agency has no real teeth in enforcement, the threat of legal action often motivates people into the check book or face a hand off to a partner law firm. I recently had an Italian client who was owed money by a Canadian company and they refused to pay until I referred the matter to a local barrister and suit was filed. Canadian laws have stronger enforcement provisions then the USA laws. The Canadian company is now paying the balance on installments. The power in any collection agency is their willingness to litigate if the debtor refuses to cooperate. If the debtor wants to play Poker, then the agency needs to be able to call their bluff. And yes I sue on $3000 accounts where I think the debtor has the ability, if not the willingness to pay.
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Can collection agencies freeze your savings account?
No, collection agencies do not have any right to freeze your savings account. Only banks have the right to freeze your account but depends on the nature of the default.
Can you use a debt consolidation company if the credit card companies have already sold your accounts to collection agencies?
Yes, but neither a collection agency nor the original creditor has any legal obligation to communicate or accept the terms offered by a debt consolidation agency.
Can a debt collection agency make calls from the US or Canada into the UK for debt collections?
Not all companies collect outside of the US, but when they do collect, collectors dont have any issue calling international
Can the bill collector who bought the bad credit card charge interest over the interest that has already accumulated before?
Collection agencies can only charge interest if you agreed to it in your original contract. If they actually bought the debt they shouldn't be able to charge any additional interest on it since you did not sign a contract with them allowing them to do so. Please keep in mind that not all collection agencies buy debt. Some are still collecting on behalf of the original creditor which means interest and fees could continue to accrue.
Who sent you to the collection agency?
I presume your question is "how did your debt wind-up at a collection agency". There are 2 methods: (1) the original creditor sold your account to an agency for a price that is a fraction of the outstanding balance on the account (so the collection agency now is your creditor legally), (2) the original creditor contracted with a collection agency to get you to make more payment on the debt than you have while interacting with the original creditor only. In either case, a collection agency is a company that makes a profit by getting debtors to make a payment of sufficiently greater amount (than they had been making to the original creditor) such that a greater return can be realized from this continued effort to collect the debt, and collection agencies usually are profitable companies. In my personal opinion, the first method (# 1 above) is used in the vast majority of delinquent debt collection situations. Any creditor organization of at least medium business size has enough staff to attempt to coax the debtor to make more payment, so there would be no reason to contract a collection agency to try again. That latter point being understood, collection agencies sometimes resell a debt account to another collection agency when they give-up on trying to get more payment from the debtor (and the account has not been settled).
Can collection agencies freeze your savings account?
No, collection agencies do not have any right to freeze your savings account. Only banks have the right to freeze your account but depends on the nature of the default.
How do you find out what collection agency you owe to?
An easy way to find out what collection agencies you owe money to is by pulling your credit report. Credit reports will list balances with all creditors as well as if any balances were turned over to collection agencies.
Is an individual required to give their birth date to collection agencies?
Yes, providing your birth date to collection agencies is often required to verify your identity and locate the correct person owing the debt. However, you should be cautious and only provide personal information to legitimate collection agencies to avoid potential scams or identity theft.
Is there a dollar amount for collection agency's to report to the credit bureau?
A collection agency can report you to the credit bureau for any amount of money. There are agencies that will report for amounts under a hundred dollars.
Do president of America has any power with Canada?
No.
Who oversees collection agencies?
Collection agencies are typically overseen by government agencies at both the federal and state level. At the federal level, the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) are responsible for enforcing fair debt collection practices. Additionally, each state may have its own regulatory agency that monitors and licenses collection agencies operating within its jurisdiction.
Can a bill collector take away your military retirement?
Collection agencies have no authority to do any such thing. If your case goes to court, and the court rules in favour of the collection agency, then your retirement could be garnished.
Can a collection agency freeze a bank account in Pennsylvania?
Collection agencies do not and cannot freeze accounts in any state. Only the courts can do this. However, if a lender has a valid judgment against you for a bad debt, any collection agency they hire to recover it can serve your bank with an order of garnishee and attach the assets in the accounts you have there.
Is it okay to tell collection agencies person they are calling for is in prison?
You do not have to give a collection agency any information at all. You are perfectly in you right to refuse to give them information. However, deliberately giving them false information is fraud.
Can a collection agency garnish your wages in the state of Georgia?
No, collection agencies cannot garnish a person's wages, in the state of Georgia. They can threaten and use many scare tactics to get a person to pay their debts, but they cannot take any money that is not given to them.
Does wind power produce pollutants?
No, the collection of wind energy into usable electricity does not release any pollutants.
Can auto creditors call your job about a repossession?
Laws are different for collection agencies than they are for the actual lender. The lender has more leeway as to when and where they can call, but neither may discuss any aspect of your account, including the intent of the call, with anyone but you. Collection agencies must stop calls to your place of business if notified by the debtor that such calls are prohibited by the employer. Lender's often abide by the same rules as collection agencies when doing their own internal collections to be safe from a legal perspective and because anything that boarders on harassment rarely results in recovered dollars.
