Publicly Traded Debt Collectors That Rape And Pillage Consumers

There are 4 junk debt buying companies that I want to expose for the dirty tactics they use to make their money. These are publicly traded on U.S. stock exchanges. They are in no particular order Asset Acceptance Corp. (symbol aacc),Asta Funding(symbol asfi), Encore Capital Management (Midland Funding) (symbol ecpg), and Portfolio Recovery Associates (symbol praa).
For readers who do not know what a jdb is, these are companies that buy up old and out statute debts for mere pennies on the dollar and attempt
What I find nauseating and sickening is that certain investment firms actually recommend the purchase of the stocks if these companies to investors. It just like benefiting from the rotting carcases of beings that have been slaughtered. This is exactly what these debt collectors do to consumers in a figurative sense.
Name the dirty illegal ploy and these bastards do it. Some of their tricks have been swearing that a defendant has been served when it fact it really never happened, concocting phony affidavits which have sworn to the legitimacy of the accounts on which they are attempting to collect, reporting new activity to credit bureaus when in fact they have manufactured the activity, knowingly attempting to collect on debts that they have known to be illegimate, etc. These companies routinely and consistently knowingly violate the 2 prominent consumer protection statues: the Fair Credit Reporting Act and the Fair Debt Collection Practices Act.
With all of the above going on they have collectively made billions of dollars off the backs of consumers whose rights were compromised. What is most disturbing and revolting is that these multiple transgressions are perpetrated and accomplished under the cloak of legitimacy. It is almost like something out of The Godfather when Michael tells Kate that in a short period of time the family will be legitimate.
Until very recently obtaining default judgments in debt collection lawsuits was a walk in the park for collectors. Lately courts have been taking a closer look at the little or no documentation in junk debt buyer complaints. Consumers are slowing becoming more educated on how to stop these slimeballs from reaching into their pockets. While being concerned about illegal or fraud violations on the part of Goldman Sachs and others, perhaps Congress should get off its ass and take a hard look at what these debt collectors have done to consumers for years and continue to do.
The situation has become so bad in many jurisdictions because of the over loading of dockets by JDBs that the courts cannot even make a dent in the caseloads. Junk debt buyers love to file their boilerplate lawsuits.
In the next installment I'll get into some of the specifics of what each of these individual companies named above does make make its millions.