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Debt collection is big business and because of its potential impact, the government has established very strict rules about how it should be done. Clearly, as we wrote in our story about the ...
With more Americans than ever falling behind on their house, car and credit card payments, collection agents are turning up the heat and getting tough on debtors in an effort to recoup overdue funds.
Here are a few tips for successfully dealing with the situation. ... Report the debt collection scam to your state’s attorney general. Submit a fraud complaint to the Federal Trade Commission.
U.S. state laws on fair debt collection generally fall into two categories: laws which require persons who are collecting debts from consumers to be licensed, registered or bonded in order to collect from consumers in their states, and laws that protect consumers from specific unfair practices by debt collectors, which may include collection agencies and sometimes original creditors. [2]
A debt collection bureau in Minnesota. Debt collection or cash collection is the process of pursuing payments of money or other agreed-upon value owed to a creditor. The debtors may be individuals or businesses. An organization that specializes in debt collection is known as a collection agency or debt collector. [1]
Dunning is the process of methodically communicating with customers to ensure the collection of accounts receivable. Communications progress from gentle reminders to threatening letters and phone calls and more or less intimidating location visits as accounts become more overdue. Laws in each country regulate the form that dunning can take.
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