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Business Debt Collection Laws and their Connection to Commercial Debt

Debt RR

Although commercial debtors do not enjoy the same level of protection as consumer debtors do, this does not mean they are left at the mercy of creditors and debt collection agencies (DCAs). The business debt collection laws protect them. Like the Fair Debt Collection Practices Act, the U.S.

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How Often Do Debt Collection Agencies Take You To Court? 5 Things to Know

Taurus Collect

Generally, the statute of limitations ranges from three to ten years, and once it has expired, the debt is considered “time-barred” and the collection agency can no longer legally collect on it. That’s where the Fair Debt Collections Practices Act comes in to protect you.

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Recommendations for Debt Collectors Working from Home

Nexa Collect

These laws and regulations may vary depending on the country or jurisdiction in which the debt collection agency operates. In the United States, for example, debt collectors must adhere to the Fair Debt Collection Practices Act (FDCPA).

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How Do I Send Debt to Collections?

Nexa Collect

Most collection agencies work to maintain proper standards, but some are better than others. Ensure the ones you’re considering are properly licensed according to your state’s licensing rules and follow the guidelines of the Fair Debt Collection Practices Act. Make Sure They Carry Adequate Insurance.