Tips for debt collectors: “The importance and availability of media in a portfolio”
“Media” is the industry name for “evidence that proves a consumer owes a particular debt.” As Rick at Locate Services, LLC, points out in this article on debt media (PDF copy), this is important.
Many new debt buyers are shocked when they discover the limited availability of media in the debt buying industry, especially when dealing with the credit card portfolios.
Rick poses the question this way: “Why might you, as a debt buyer, need media?” Why indeed.
Should it be shocking that most debt collectors have no actual proof that the consumer on the phone actually owes the debt? Yes! Yes, it should be very shocking that debt collectors are rude, lie, and make threats to consumers when they cannot even prove the consumer owes the debt.
The article is accurate, if a bit optimistic, about the media that may be available to validate a debt:
When dealing with credit card portfolios, you will rarely obtain anything beyond a copy of an application, and the last few statements on file. In many cases, the application is not available, so you’re forced to take an affidavit in its place. This is usually okay when you’re attempting to validate the debt for a default judgment, but does little for you when a debtor, judge, or magistrate specifically requests a copy of the application.
But worry not, gentle debt collector: “As a debt buyer, don’t be discouraged when you have trouble with this aspect of debt buying, especially when you’re dealing with debt that you’re buying at less than two cents on the dollar.”
What does this mean for a consumer? Before you agree to pay any debt, make sure that you owe the debt and that the debt collector on the line actually owns it. And if you do decide to settle an account, know that the debt collector should take into account the availability of media, since they may not be able to win if they sue you for the debt. If you do settle, demand confirmation that the debt has been settled in full.
