Welcome to Debt Collection Guide
Debt Collection Training Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
About Debt Collection Agencies
from:When you miss payments on your debts, you’re not the only one who gets into trouble. Your creditors, the businesses that you owe money to, also feel the crunch. For every month that you don’t pay, they will lose more and more money. For smaller businesses, this can be devastating.
This is where debt collection agencies come in. When companies find that pursuing you for payments is taking too much time and resources, they turn over your debt to collection agencies. The debt collection agencies usually focus on recovering money from overdue accounts. These agencies collect debts for a certain fee. Sometimes, they offer services in return for a percentage of the debt that they are collecting.
There are two types of debt collection agencies. They are normally classified according to their level of affiliation with the original creditor or lender.
The first type is the first-party agency. Such an agency usually belongs to a subsidiary or a department of the original creditor. For example, if you owe debt to a credit card company, the company may send its own collection agents to collect the amount you owe. Normally, first party agencies act fast. They do not wait for you to have months and months of overdue payments. Since you are a customer, they want to keep a positive relationship with you. Hence, they will contact you earlier to sort out the debt problem in the most efficient way possible. However, since these are in-house collection agencies, the Fair Debt Collection Practices Act does not apply to them.
If the first party agency is unsuccessful in collecting the debt, the company will resort to a third party agency. The first party agency normally lets another agency handle the debt if it experiences more than six months of unsuccessful attempts at contacting the debtor. Third party agencies are basically agencies that are NOT in any way involved in the transaction made for the original debt. These debt collection agencies make an agreement or a contract with the original creditor. The agreement covers the payment methods that the creditor will use to pay for the services of the agency. Since these agencies act as representatives of the original creditor, their actions are regulated by the Federal Trade Commission using the Fair Debt Collection Practices of 1977.
Debt collection agencies act in a very straightforward manner. They begin the debt collection process by contacting the debtor and sending a written document that outlines all the details related to a certain debt. After the initial contact, the debt collection agencies allow a period of 30 days for the debtor to raise concerns regarding the debt that is being collected. In this instance, the debtor is allowed to argue that the amount of the debt is wrong or that he has made the necessary payments. Debt collection agencies will investigate the claim and the debt collection process will stop while the investigation is being done. When the debt collection agencies have settled the debtors’ claim, they may drop the case or continue collecting the debt.
Debt Collection Training News
Shell Oman supports developing national human resources - Oman Daily Observer
 Oman Daily Observer | Shell Oman supports developing national human resources Oman Daily Observer The graduates have passed their training programmes in different vocational specialisations such as AutoCAD engineering design, occupational health and safety, sales and debt collection. Among the graduates were also people with special needs who have ... 130 graduate at SDO event Shell Development-Oman Celebrates Graduation…Part-2, |
Accretive Health, Hospital Debt Collector, To Receive Millions In Tax Benefits ... - Huffington Post
 Chicago Tribune | Accretive Health, Hospital Debt Collector, To Receive Millions In Tax Benefits ... Huffington Post Under an agreement approved by the City Council last year, Chicago is set to hand over $6 million in tax increment financing to Accretive Health, the hospital debt collector at the center of a growing row between Mayor Rahm Emanuel and Minnesota ... Mayor Rahm Emanuel stands by Accretive Health |
130 trainees graduate at Shell - Oman Daily Observer
130 trainees graduate at Shell Oman Daily Observer More than 130 Omanis graduated after passing their training programmes in different vocational specialisations such as AutoCAD engineering design, occupational health and safety, sales and debt collection. Among the graduates were also people with ... |
Debt Collection Agency Defies Media Stereotypes, Proves Nice People Collect More - InsideARM
 InsideARM | Debt Collection Agency Defies Media Stereotypes, Proves Nice People Collect More InsideARM In the fourth quarter of 2011, Access Receivables, a Baltimore-based debt collection agency, implemented a new debt recovery strategy under the slogan “Nice People Collect More.” Last week, the company released the findings from its first five months ... |
Debt collector's alleged questionable tactics raise questions in Utah - ksl.com
 ksl.com | Debt collector's alleged questionable tactics raise questions in Utah ksl.com By Jasen Lee SALT LAKE CITY — A debt collection company with ties to Intermountain Healthcare has come under fire in Minnesota for aggressive tactics in debt collection, in a case that is shedding light on the financial pressures facing both hospitals ... |