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Common Myths About Using a Collection Agency

Credit Management Company

The average American has over $90,000 of debt , and many struggle to manage this number. Therefore, many people find themselves encountering collection agencies at one point or another. Unfortunately, much of what people “know” about the debt collection industry relies more on myths than facts.

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Consumer Rights in Debt Collection

Credit Management Company

To ensure you understand how important consumer rights are, we’ve put together an overview of consumer rights in debt collection. Debt Protection Laws. While this act does not excuse consumers from paying their debt, it does protect them from unfair or abusive debt collection tactics. Entitled Privacy.

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A Guide to B2B Debt Collection

Payment Savvy

Being too easy with commercial creditors might cause your firm to collapse in a matter of minutes. When your company incurs a commercial debt, it should be handled by a B2B debt collection agency to avoid situations like this and to keep your business functioning smoothly without the monetary consequences of unpaid accounts receivable.

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How will Hunstein v. Preferred Collection & Mgmt. Impact The Collections Industry?

Credit Management Company

Everyone in the debt collection industry is familiar with the Fair Debt Collections Practices Act (FDCPA). Reputable collections agencies willingly follow these rules and treat patients with compassion and respect. Name of the creditor. The debt concerned his son’s medical treatment.

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4 Ways To Remove Collections From Your Credit Report

Better Credit Blog

Request a Goodwill Deletion – If You Have Paid The Debt. The first step, if you have paid the full collection account, settlement, or have been making regular on-time payments, is to mail the collection agency a “ goodwill letter ” that explains your situation. Ask the Collection Agency to Validate the Debt.

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Who Should Use Commercial Debt (B2B) Collections?

Credit Management Company

Even when you try to send customer debt collection requests, they have fallen on black days. After speaking with colleagues, you were told about the possibility of commercial debt collection agencies taking over. This is known as business-to-business debt, these firms specialize in debt recovery owed by businesses.

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How Does Validation of Debts Work?

Credit Management Company

While many consumers are able to manage their debt load and stay current on their accounts, many businesses are finding themselves with uncollected debt and no proven collection strategy. Before you can collect on any debt, you need to validate the debt in accordance with the Fair Debt Collection Practices Act.