Past SOL (Statute of Limitations) is created primarily to educate consumers in regards to bad debt collectors’ practices in order to better the entire U.S. economy and way of life. The collection industry often preys of the lack of knowledge and fear. Hopefully the information here will help educate the American people on their rights when it comes to the payment of debts past the SOL. The term ‘bad debt’ is common vernacular that typically references any obligations not on any major CBR (credit bureau report) such as Equifax, Transiunion, or Experian. The term is also utilized when referring to scams of individual or companies attempting to collect non-existent debt and debt which is consumer’s but is past the SOL, which is the time frame the creditor (the owner of the debt) can take legal action in an attempt to obtain payment.
After, seeing this parody by bad debt collectors on YouTube about collection calls, it seemed painfully obvious that there is a need for at the least educating consumers about their rights to prevent harassment or potentially even outright fraud. It is important to know that there are number debt collection companies that attempt to follow the FDCPA(Fair Debt Collection Practices Act), but that does not mean that is actually followed by employers nor the spirit of the regulations outlined within this legislation. Thus it is often possible for a company to follow all the pertinent federal and state guidelines and still persuade consumers to pay debts past the SOL, which they are likely better off economically not paying.
Depending upon the response and reach of the audience generated, this particular website could end up as the de facto resource individuals go to determine whether or not to pay a bad debt. Topics in the future will cover the true impact paying an older obligation has when applying for new credit, the often overlooked tax consequences of settling certain debts and why such is therefore a poor choice, as well as any other pertinent or requested topics from the media, consumers, and even debt collectors or companies.