Nexa Collect

JUNE 23, 2023

Collection agency letters can impact debtors, depending on factors such as the debtor’s financial situation, emotional state, and knowledge of their rights and responsibilities. Here are some potential impacts: Stress and Anxiety : Receiving a letter from a collection agency can cause significant stress and anxiety for debtors.

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Nexa Collect

JUNE 21, 2023

If you ignore a debt collection agency, several potential consequences could affect your financial well-being and peace of mind: Persistent Contact : Debt collection agencies might persist in attempting to contact you through phone calls, letters, and possibly emails. This can be stressful and disruptive.

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Account Recovery

JUNE 21, 2021

A District Court judge in Washington has awarded two plaintiffs more than $60,000 in emotional damages in a bench trial after suing a collector for allegedly violating the Fair Debt Collection Practices Act because the defendant attempted to collect more than what was owed and for making false and misleading statements when attempting to collect.

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True Accord

JANUARY 31, 2024

of consumers take no action after a collection call. Let’s look at the challenges around right-party contact rates, consumer complaints, and the timely factors that make the challenges more detrimental to your business’s late-stage debt recovery. Even if you can get the right customer on the phone, studies show 49.5%

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Debt RR

SEPTEMBER 27, 2020

The good news is that it is your right to collect on debts as long as you follow the right legal procedures. If you operate a B2B model, you are required to follow business debt collection laws. What are Business Debt Collection Laws? The business debt collection laws protect them.

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Account Recovery

APRIL 26, 2021

A District Court judge in Ohio has granted a defendant’s motion to dismiss a class-action lawsuit alleging it violated the Fair Debt Collection Practices Act by informing the recipient of a collection letter than payments made using a debit or credit card would be subject to a 3% transaction fee.

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Credit Management Company

JANUARY 25, 2022

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. This type of debt collection can be hard to understand at first.

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Nexa Collect

AUGUST 6, 2020

While it’s smart to initially attempt collection on your own, there’s only so much work you should do. Trying to collect a bad debt is draining on your time and your resources. Eventually, it makes sense to pass the task on to a professional debt collection company. Need a Collection Agency easy to work with?

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Taurus Collect

JUNE 12, 2023

Thus, debt collection agencies are commonly utilised to ensure that funds due back to businesses don’t go unpaid. But how often do debt collection agencies take their clients’ customers to court? But did you know that these agencies often try to resolve your debt before resorting to legal action?

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Nexa Collect

JULY 2, 2020

Need a Collection Agency for your Lab: Contact us. What causes these debts? . Many factors can cause these debts from the patient’s end but there are a few specific things about medical testing lab bills specifically that make them difficult. Written Notices sent by a Collection Agency. No recovery-No fees.

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Troutman Sanders

JANUARY 12, 2024

In a change of course, the Utah court of appeals has reversed the dismissal of a plaintiffs’ suit against a debt collector based on its alleged failure to register as a collection agency prior to filing collection suits. Link Debt Recovery, LLC (Link), Link initiated two separate debt collection lawsuits in 2020.

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Better Credit Blog

APRIL 1, 2022

If you’re unable to pay your original creditor, your debt may pass to a debt recovery agency, earning a collection letter and possibly a stain on your credit report. Credit Collection Services, known as CCS for short, is one of the largest debt collection agencies in the United States, based in Massachusetts.

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Debt RR

SEPTEMBER 9, 2020

The settlement of debts acquired by either another company or an individual is one of the most common challenges that businesses experience. Collecting debts is time-consuming, especially if the debtor refuses to cooperate. What they can and cannot do when doing so are regulated by the Fair Debt Collection Practices Act.

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Nexa Collect

JUNE 25, 2023

The professional life of a debt collector involves communicating with individuals and businesses to collect payments on overdue bills, loans, or other financial obligations. Knowledge of Laws and Regulations : Debt collectors must be well-versed in the laws and regulations that govern debt collection in their jurisdiction.

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Collection Industry News

JUNE 1, 2023

Introduction: The debt collection industry plays a vital role in the global economy, helping businesses recover outstanding debts and maintain financial stability. The growing complexity of financial products, such as credit cards, mortgages, and student loans, has led to a surge in outstanding debts.

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Credit Management Company

FEBRUARY 22, 2022

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. When people believe these myths about using a collection agency, they often run into trouble.

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Debt RR

SEPTEMBER 9, 2020

You can initiate a formal debt clearance process through debt collection letters, which we will look at in this article. Conversely, if your business is on the receiving end of this letter, we also discuss the nitty-gritty of the debt collection letter. The Basics of a Debt Collection Letter.

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Credits Inc

OCTOBER 16, 2019

Recovering outstanding debt from your customers is a difficult but essential part of running a successful business. As a business owner, when it comes to debt collection, you have a variety of options to choose from. You may be required to seek a business debt collection services agency to help you recover the money owed.

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Nexa Collect

JUNE 23, 2023

Mental Health Issues : The combined stress, anxiety, and pressure associated with debt collection can exacerbate existing mental health issues or contribute to the development of new ones. Impact on Employment : Collections may result in loss of productivity at work or in other areas of life.

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Taurus Collect

FEBRUARY 1, 2024

Dealing with unpaid debts can be a challenging aspect of financial management both for businesses and individuals. That’s where a debt collections service steps in—a critical intermediary that takes on the task of pursuing delinquent accounts to ensure that owed funds are recovered.

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Debt Collection Answers

MAY 18, 2023

Capio Partners is one such agency that focuses on debt collection in the medical field. This is especially relevant due to multiple consumer complaints alleging violations of the Fair Debt Collection Practices Act (FDCPA) against this agency. This company may also collect other types of debt.

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Credits Inc

DECEMBER 11, 2018

In the debt collection field specifically, professionals are trained to be caring, concerned, and tactful when it comes to retrieving payments. Falsehoods and myths about the debt collection industry lead businesses and individuals alike to endure unnecessary debt and financial burdens. debt collection.

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Nexa Collect

JUNE 24, 2023

You should discuss these points with the compliance superior of your collection agency. Since collection agencies fall under GLBA laws, they are subjected to the same strict laws as large financial institutions like banks. In the United States, for example, debt collectors must adhere to the Fair Debt Collection Practices Act (FDCPA).

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Troutman Sanders

MAY 5, 2021

Debt Recovery Sols. 22, 2021), the court dismissed a putative class action alleging violations of the Fair Debt Collections Practices Act, finding that the named plaintiff had not suffered a concrete injury, and therefore, he lacked standing to assert a claim. In Shepherd v. of Ohio, Inc. , 3:20-cv-520 (N.D.

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Troutman Sanders

SEPTEMBER 6, 2023

Columbia Debt Recovery, LLC , the plaintiff, a tenant under a residential lease agreement, vacated the premises early due to concerns over the property’s condition. In response, the property management company engaged a collection agency to recover the remaining amounts claimed as due and owing under the lease.

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Debt RR

AUGUST 3, 2020

Sometimes, that debt gets out of hand and businesses find themselves on the receiving end of calls from commercial debt collection agencies. Calls from a commercial debt collector can create an enormous amount of stress for many business owners. What Do Commercial Debt Collection Agencies Do?

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Troutman Sanders

JUNE 30, 2021

Columbia Debt Recovery , a Washington district court awarded each plaintiff $30,000 in emotional distress damages under the Fair Debt Collection Practices Act (FDCPA), $120 in treble actual damages under the Washington Collection Agency Act (WCAA) and the Washington Consumer Protection Act (WCPA), and $2,000 in statutory damages under the FDCPA.

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Better Credit Blog

APRIL 1, 2022

If you fall into hard times, the inability to pay off your credit card bills or student loans can result in your debts being transferred to a debt collection agency. In other words, they are an aggressive company, and having them stalking you for a collection is never nice. Have a Professional Remove the Collection.

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Better Credit Blog

DECEMBER 29, 2020

is completely legitimate, and they aren’t going anywhere until you pay up – or you remove their collections account from your credit report. Before they are allowed to pursue you for debt recovery, they must first open a collections account with the major credit bureaus. is their collection tactics.

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Better Credit Blog

AUGUST 7, 2020

If you have been contacted by a company called Professional Finance Company, you are probably being pursued for an old unpaid debt. Having a collection account on your credit report for an unpaid debt can damage your credit score for up to seven years, even after you pay it. Request Debt Validation. Hire a Professional.

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True Accord

MARCH 29, 2023

So integrating an intelligent digital communication strategy with traditional call-and-collect or letters sounds like a smart plan, but why is it more important now than ever before? Let’s look at why today’s economic landscape makes omnichannel engagement critical for collections and how your business can get there.

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Better Credit Blog

APRIL 5, 2022

A collection account will lower your credit score and can generally stay on your credit report for up to seven years. Often, a collection entry will even keep you from getting a mortgage or securing an auto loan, which is why it’s important to do all you can to remove collections from your credit report quickly.

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