Debt Collection Basics: Part Seven

In my first six articles on my seven article series on debt collection, I defined a collection account and why it is profitable for a creditor to send a delinquent account to collections. I wrote that many creditor will sell very old debt to third party collection agencies which become the new creditors and will begin to collect on the debt themselves.

Debt Collection Basics Part Six: Advice For Debtors

In the first five articles on my seven article series on debt collection, I wrote about what a collection account was and why it benefited a creditor to send an account to collections. I spoke about the data companies will collect and use and tactics, both illegal and legal that the collection companies will use to collect debt. I mentioned that third party debt collection agencies are governed by federal and state law and overseen by the federal trade commission.

Debt Collector Basics Part Five: Getting Proof Of Payment And Avoiding Future Phone Calls

In the first four articles in this series I defined the term collections account, wrote about how sending delinquent accounts out to an agency helps out a creditor, and described the practice of selling an old debt to a third party collection agency.

Change May Be Good For The Collections Industry

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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