Remove Collections Remove Collections Agency Remove Consumer Collections Remove Creditors
article thumbnail

Why it’s important for collection agencies to share what they do

American Profit Recovery

This work helps the overall economy, consumers that may be struggling with ongoing debt, and small businesses struggling to meet payroll and other expenses. The debt collection industry helps larger organizations keep costs down and keeps the workforce employed. The debt collection industry touches just about everyone.

article thumbnail

4 consumer myths about debt collections DEBUNKED

American Profit Recovery

To say there is endless misinformation about debt collections in the media and on the Internet would be a vast understatement. Right up front, you should know that the debt collection industry provides critical and necessary support to not only consumers and the business community but the overall economy.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Debt collection ensures proper access to consumer credit

American Profit Recovery

The debt collection industry is a necessary component of the US economy. Part of our economic machine here in this country is proper access to credit for consumers. Why is the debt collection industry so important? Every product or service has a cost associated with it to get it into a consumer’s hands.

article thumbnail

Who Should Use Commercial Debt (B2B) Collections?

Credit Management Company

Business to business debt collection can be hard to understand at first. Check out this guide on who should use commercial debt collections. Even when you try to send customer debt collection requests, they have fallen on black days. Even when you try to send customer debt collection requests, they have fallen on black days.

article thumbnail

COVID-19 Collections Impact Bulletin: State Responses (December 2020 Update)

Burr Forman

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. Burr will continue to provide updates as federal and state agencies create and amend their guidance.

article thumbnail

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

The law does not impact most third-party collection agencies, but it does impact some creditors and debt buyers. The California commissioner of financial protection and innovation recently issued proposed changes to the notice of rulemaking for acquiring a debt collection license under the Debt Collection Licensing Act.

article thumbnail

The CFPB's Plans For The Collection Industry

FDCPA Defense

If you are a collection professional working for a creditor, debt buyer, collection agency or collection law firm, and you have not yet added the website for the Consumer Financial Protection Bureau (CFPB) to the favorites on your web browser, it is high time that you do so.