EquityExperts is a debt collection agency that has situated itself in the apartment and condo space.  Its big pitch to homeowners associations is that it charges them nothing for its services, enticing many to sign up for its services.  Once hired, it begins to charge very large and shocking fees to unit holders that become delinquent in their accounts.  For example, for a single demand letter, it charges the homeowner $270.  There are a lot of problems with its business model.

First, the fees that it charges homeowners are unconscionable.  Charging $270 for sending out a demand letter is far more than even lawyers charge for doing this service.  Oh, that’s another thing.  It bases its pricing model as if it were a law firm, even though its not.

Secondly, its fees are generally not known by the homeowners.  So if someone is repeatedly late with their homeowners dues, EquityExperts has been known to repeatedly send out demand letters at a charge of $100 each.  Sometimes, it sends these letters and charges these fees twice a month.  Again, its shocking, unconscionable and in our opinion, sleazy.

Third, their “standard contract” allows them to update the terms and their fees via email to their HOA clients without requiring a signature by the HOA or even an acknowledgment of the contract.   (Would you sign a contract with someone who could simply email you an update of their fees without you acknowledging receipt?  I would not.)

They work with management companies who sell unsuspecting homeowners associations on their services, snaking their way into their graces.

The Fair Debt Collection Practices Act Stops these sleazy collectors

The Fair Debt Collection Practices Act (“FDCPA”) is a federal law that regulates what debt collectors can and cannot due.  EquityExperts has been a defendant in countless such cases including class action lawsuits.  Our firm has sued EquityExperts numerous times for violating the FDCPA, allowing us to bring relief to our clients for their sleazy tactics.  Most states also have consumer protection laws that also protect people from debt collectors such as this.

How a $500 debt blows up to a $2,000 debt over 4 months

EquityExperts benefits from consumers who receive their demand letters ignore them.  Why?   Because the longer you ignore them, the more fees that they rack up against you.  We have seen debts as low as $500 get inflated by EquityExperts with their stupidly high fees to over $2,000 over the course of 4 months.  No joke!  You do NOT want to be the punch line of this joke.  We have literally seen dozens of victims of this debt collector get attacked with these outrageously high fees.

You do not have to be victim of EquityExperts

EquityExperts want you to believe that because you owe money to your homeowners association, that you need to pay their crazy fees and that there is nothing you can do it.  They are wrong.  You can fight back and we can fight for you at no out of pocket charge to you.  You don’t need to be victimized by these low level creatures.

Attorney Gary NitzkinIf you have been harassed by EquityExperts or any other debt collector visit us at Credit Repair Lawyers of America for more information.  Please call us at (855) 956-2089 or email us at [email protected] for a free, no obligation consultation.