August 7th, 2010 by Mallory Megan
In the first three articles in this series I defined the term collections account, wrote about how sending late accounts out to an agency profits the creditor, and wrote about the practice of selling an old debt to a third party collection company. I spoke about the type of information that a collection company will obtain to utilize in their efforts, and the type of laws that third party collection agencies must follow. I described illegal and legal tactics that debt collection agencies use to collect.
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August 7th, 2010 by Mallory Megan
When it comes to the subject of debt collecting, there are a lot of misconceptions and misinformation. Here are some tools of the trade that you can use if a debt collector ever calls you. When the collection agent calls, the first thing you want to do is figure out if this is a third party collection agent or an in house collection agent. Third party collection agents are hired by creditors on contingency, while in house collectors are the creditors.
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August 7th, 2010 by Mallory Megan
As the recession gets worse, more and more Americans are falling into debt, and more of us are declaring bankruptcy every day. Bankruptcy can be seen as a fresh start, relieving you of much of your debt and payments, but it will also tear up your credit score, staying there for ten years, and decreasing it by several hundred points. In most cases, bankruptcy should be viewed as a last resort because of how important it is to maintain a healthy credit score. If you are forced to file for bankruptcy, there are certain measures you should take to ensure that you can get on the road to financial recovery as quickly as possible.
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August 7th, 2010 by Mallory Megan
In the first two articles I wrote about what a collections account was, how sending delinquent accounts out to an agency profits a creditor, and the act of a third party collection agency buying old debt from a creditor.
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August 6th, 2010 by Mallory Megan
In today’s recession, collection companies are not exempt. Starting last year, they first started to suffer from declining liquidation performance, staffing cuts, and increased placements.
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