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Fair Debt Collection Practices Acts (Fdcpa)

697 Words3 Pages

“Business ethics comprises the principles and standards that guide the behavior of individuals and groups in the world of business” (Ferrell, Thorne, & Ferrell, 2016, pg.155). In the world today we are faced with several different obstacles. As individuals, the last thing you want to be bothered with is collection companies. Portfolio Recovery Associates now known as PRA Group is the world’s largest collection company. PRA Group is successful because of consistency, and strong work ethics. In addition, PRA Group abides by Fair Debt Collection Practices Acts (FDCPA). FDCPA was designed by Congress to protect consumers from abusive behavior by debt collectors. PRA Group strives to continue building the company brand and upholding a strong …show more content…

The company is distinguished by continuous innovation, strong customer focus, and cultures of integrity and compliance (Scott, 2015, pg.4). PRA Group Focus on building the company brand and correcting mistakes when made. I can tell a customer in an angry tone that they have 30 days to have their debt paid in full or I will sue them. This is an example of unethical but legal behavior because I can actually sue but I could have handled the phone call in a better manner. Debt collection is not an effortless job and can be very stressful which can lead to unethical behavior that can lead to a legal issue. While employees work diligently to collect the debt, consumer protection laws are in place and the employees must abide by them, which ensures PRA to keep up an ethical work environment. It is important the company adhere to Consumer protection laws and stay compliant. Portfolio Recovery Associates strives to be a leader in the consumer debt collection industry. The company is distinguished by continuous innovation, strong customer focus, and cultures of integrity and compliance (Scott, 2015, pg. …show more content…

The company pursued the wrong person after been told serval times by the defendant. The defendant was awarded 83 million dollars. PRA Group is proceeding back through the court system working on getting the ruling overturned (Margolies, 2015). This lawsuit was legal and ethical however it could be deemed as legal and unethical. PRA Group attempted to sue this person because they owed a debt the company didn’t do its research to make sure we were pursuing the correct person. This company continued to reach out to this lady at her job which PRA behavior could be deemed ethical and also unethical. We reached out to her more than once after we were told we had the wrong person, but we are told that on a daily basis so more research could have been done that makes this unethical but legal. PRA Group has been through many mishaps but the company learned from prior mistakes. The company took the necessary precautions to make sure it never happens again. PRA Group has to deal with all sorts of competition and bad press. People think debt collectors are bottom feeders PRA Group works hard every day to change mindsets about PRA

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