Scamming scammers: The underbelly of debt collection

Posted by & filed under Accounting Principles, All Articles, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Intermediate Accounting, Managerial Accounting.

From 2006 to 2009, the nation’s top nine debt buyers purchased almost 90 million consumer accounts with more than $140 billion in “face value.” This article details the saga of debt accounts that continue to be stolen, double-sold or otherwise exchanged without accurate supporting information by “debt collectors, including statements or copies of original signed… Read more »

Do I have to take the course? Will I go to jail?

Posted by & filed under Accounting Principles, Advanced Accounting, Financial Accounting, Fraud Accounting, Managerial Accounting.

More than 300 district attorneys’ offices allow debt collectors to use their letterhead to send letters to people across the country who have written bad checks. These letters threaten them with jail if they do not pay up. In return, the companies try to collect not only the unpaid check, but also high fees from… Read more »