There are many laws and agencies that regulate debt collectors, but one of the most significant is the Fair Debt Collection Practices Act (FDCPA). Enacted in 1978, the FDCPA's goal is to protect consumers from abusive debt collection practices.
Fairway Capital Recovery Blog
Despite the fact that there are many professional, responsible and above-board collection agencies operating in the U.S., there are a few that may not be so law-abiding and conscientious. Here are four major watch-outs to consider before partnering with any collection agency:
Landlords and property managers deal with certain challenges as part of the reality of their jobs. One of those challenges is collecting past due rent. Whether you choose to collect past due rent yourself or hire a rent collection agency, you can maximize your collections with three simple tips:
Consumers approach medical and dental bills differently than other bills, such as utility bills or rent. In many cases, they might feel less urgency to pay. After all, if your choices were between being evicted, having your electricity shut off or not paying for last month’s teeth cleaning, which bill would be your lowest priority?
Great debt collectors remain professional and respectful at all times, which is no mean feat considering they are in an inherently uncomfortable situation—few people enjoy talking about their finances. Besides, many of the customers they are calling are experiencing feelings of shame, frustration, anger and other strong emotions.
There are a lot of great collection agencies serving the needs of businesses all over the country, but there are also some who do not have the best interests of their clients at heart. Here are six things that some collection agencies do not want their clients to know:
When deciding whether to partner with a collection agency, one of the first things most businesses ask is, “How much will it cost?” Collection agency fees may vary by each firm, but there are a few common factors across the industry.
If you are new to the world of debt collection, you may be confronted with some unfamiliar terms and acronyms. This handy glossary will help you understand important industry terms, and enable you to feel more prepared and informed when engaging debt collection services.
When partnering with a collection agency, it’s important for you to be proactive to ensure you get the most out of the relationship. What does “getting the most” mean? It will vary depending on your business, but it could mean:
If you are thinking about using a collection agency, it’s only natural to have some questions. Here are eight of the most frequently asked questions about engaging debt collection services: