Assets Recovery ServicesAssets Recovery Services Companies, also known as Asset Collection Agencies or Asset Buyout Agencies, are companies that buy the rights to your unpaid debt from the original creditor, and then attempt to collect it from you personally in order to make a profit. If you’re contacted by an Assets Recovery Services company, there are four scams you should watch out for that you may not realize are happening to you until it’s too late. This article will describe these scams, how they work, and how to avoid them.
What are Asset Recovery Companies?
Asset recovery companies are a service that helps people who have been defrauded by others, or who have lost their assets through theft or fire. They do this by recovering the money owed to them and returning it to the client in the form of a settlement. While they can be quite useful when done correctly, they also have a number of potential pitfalls which make them ripe for scams. For this reason, it’s important that you know what you’re getting into before deciding on an asset recovery company, and how you can avoid being scammed by one.
1) Fake Phone Numbers
If you’re looking for an Assets Recovery Services company and you don’t know how to tell the good ones from the bad, here are some clues:
2) Anonymous Offices
One of the most common scams is when the asset recovery company you are dealing with has an anonymous office or phone number. This means that they might be operating out of a home office or in an unknown location. The problem with this is that it becomes difficult to identify who you are dealing with and how they operate. This leaves you vulnerable and open to being taken advantage of by a scammer who has no qualms about harming you and your family if they get caught. To avoid this, make sure that any potential asset recovery company has a legitimate address, phone number, and other identification information on file.
3) Bad Homepages
A company’s homepage is the very first thing potential customers see. To avoid getting scammed by unscrupulous companies, take a look at these five worst scams and how to avoid them.
1: The Unauthorized Fees
A large number of Assets Recovery Services companies will charge you an upfront fee before they even begin work on recovering your funds. This is illegal in many states and can be easily avoided by asking if there are any upfront costs before you sign anything.
2: False Promises
Many scam companies will falsely promise that they can recover your funds within a short period of time, sometimes as little as one month.
4) Improper Advertising
Asset recovery companies are in the business of helping people who have been scammed out of their money, but some companies prey on consumers and offer false promises. In order to avoid these scams, be sure to do your research on the company before paying for services. Be wary of any company that offers a guarantee or makes guarantees about how much you will get back. Make sure you know what is included in the fee when requesting their services, so that you aren’t surprised by additional charges later.
How to Avoid Being Scammed by Asset Recovery Companies?
1. Companies that call you out of the blue
2. Companies that ask for immediate payment
3. Companies that offer a small percentage of your asset value
4. Companies that want you to sign over title and possession right away
5. Companies that won’t tell you how they work
How to find a Recovery Company?
First, you should do your research. Make sure that the company is a legitimate business. If they are, look up their Better Business Bureau rating and review their website for any complaints. Be wary of companies who sound too good to be true or who seem unprofessional. Finally, make sure they are licensed by the state in which they operate and have an A+ rating from the BBB.