The Minneapolis Star Tribune recently compiled a list of the most litigious debt buyers, who raked in over $223 million in court judgments against Minnesotans from 2005 to 2009. The top ten were: Midland Funding, Dakota Bluff Financial, LVNV Funding, Asset Acceptance, Arrow Financial Services, North Star Capital, Unifund CCR, Palisades Collections, Portfolio Recovery Associates, and Credit Acceptance Corp.
We’ve often noted that taking consumers to court is a favorite tactic of debt buyers. They purchase debt for pennies on the dollar, file lawsuits against unwitting consumers, and then obtain judgments. Consumers often don’t know that they’re being sued, don’t know how to properly defend themselves, or don’t think that it matters since they don’t have any assets. The thing is, once you have a judgment against you, a debt collection agency can pop up at some point in the future and garnish your wages. It’s important to stay alert and to defend yourself if you’re sued by a debt collection agency.
