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As if collecting outstanding debts isn’t difficult enough already, it is about to get even more difficult in the state of New York. Starting this year, there will be three new regulations that will address different aspects of debt collection in New York. Consumers will be able to insist that collectors contact them only by [...]
One of the most misunderstood aspects of the debt collection process comes into play after a judgment is awarded and the creditor looks to collect some form of compensation on the amount owed. Despite what many cartoons and TV sitcoms would lead you to believe, the creditor cannot simply clean out the debtors home [...]
If you have ever had the pleasure of making collection calls, you have probably also had some experience listening to excuses as to why the person on the other end of the call was not able to pay you on time. Anyone with a decent amount of collections experience knows that these excuses are [...]
Home ownership has always been one of the fundamental aspects of the American dream. According to a NeighborWorks Survey quoted in a recent ACA International Article, 60% of Americans still believe that owning a home is extremely important. However, 49% of those who are burdened with student loan debt said that it was a [...]
Do you have an old bank account that you haven’t used for years but for some reason haven’t closed? Most of us do. The process of closing old bank accounts can be a really stressful undertaking, so most of us prefer to just leave them sit idle with a few dollars in them. However, [...]
A recent study published by NerdWallet found that one out of every five Americans will be contacted by a collection agency this year regarding their medical debt. That makes medical debt the largest type of personal debt that Americans are struggling with by a landslide, even dwarfing student loan debt. Unpaid medical bills that [...]
Choosing the commercial debt collection agency that is the best fit for you and your business can be an overwhelming task. Most people don’t have very much experience dealing with collection agencies, which leaves them somewhat confused when trying to determine which agency would be best suited to handle their needs. Another problem that [...]
Unless you are actually in the collection business, there is a good chance that you have quite a few higher priorities than managing your company’s accounts receivable. You might even delegate that task out to an assistant or employee without much thought. However, when those receivables stop flowing into your bank account, all of [...]
While domestic debt collection can sometimes be overwhelming for small businesses, attempting to handle international collections is exponentially more difficult. When you introduce different cultures, languages, governments, and regulations, it can be difficult to understand exactly what the rules are, much less follow them in trying to collect an amount that is owed to [...]
Having a script for your collection calls is one of the best ways to improve your odds of success. Once you have a script in place, the next step is to work on tweaking it in order to improve your results even more. Using your existing script, you will be able to see which [...]
