FTC Workshop: Debt Collection 2.0: Protecting Consumers As Technology Changes, Project No. P114802 #00016 

Submission Number:
Kelly Dixon
Initiative Name:
FTC Workshop: Debt Collection 2.0: Protecting Consumers As Technology Changes, Project No. P114802
I am told by Financial Giants like JP Morgan Chase, that they are Entitled to use ANY means necessary in order to collect a debt. That I as an individual have no rights or say in how it is that they carry out their business practices. For example, I regrettably have a student loan that Chase is the “Overseer” of. I have had people that were NOT listed as contacts on this loan contacted by Chase. I have been threatened with legal action (which was never carried out), have been fired from jobs, have had my credit report ran so many times by them (& their Collection Agencies) that according to TransUnion, each time an inquiry is made, it stays on my report as a NEGATIVE entry for at least five years or until their system purges the entry, barring that there are no complications on their end. I was also told by TransUnion that if I were to fall through the cracks, then that negative entry would inevitably stay on my record for ten years. Since we are now in the age of running credit checks for everything, including applying for a job at a burger joint, this nightmare would basically deny me any hope of ever getting back on my feet, only to become another bankruptcy statistic. Instead, it seems more “cost effective” for the Financial Giants to take people to collections instead of having a program for those that are actually trying to repay their debts. I do have rights and I should not have to live in fear of having my credit life (what’s left of it) taken from me. If I choose to open an account on LinkedIn in order build a good base of networking contacts, or relax on my own time and wonder through Facebook to catch up with old friends, then I should not have to worry about my contact list being assaulted by the credit police. Instead I’m told by my Credit Controllers that the only life I will have to lead is to work till I die. I will never establish any dreams that I am currently struggling to work for because there are no limits on what they can do in order to collect on a debt. Debtors Prison Here I come.