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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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Finding A Collection Agency: Part 1 - The 5 First Steps

Credit Management Company

Are you worried that if you refer your customers to a debt collection agency you’ll lose control of your brand? If you’ve had negative experiences with debt collectors, you may think that asking someone else to handle your unpaid invoices is the wrong move. A collection agency can help in those situations.

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4 Ways To Remove Collections From Your Credit Report

Better Credit Blog

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. Then kindly ask the debt collector to remove collections from your credit report out of goodwill.

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Consumer Rights in Debt Collection

Credit Management Company

Debt Protection Laws. Thanks to the Fair Debt Collection Practices Act , or FDCPA, a set of collection laws are in place to standardize the interaction between consumers and third-party collection agencies. These rules add a layer of debt collection protection for consumers at a federal level.

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How to Spot a Scam Call

Credit Management Company

For some debt collectors, this can be a big problem. While collecting medical debt is not a scam, many collectors are unaware that they behave in a way that's similar to scams. If a debt collector operated the same way, their success rate would be very poor.