A certain stigma is attached to the debt collection process. However, this stigma lies with the collection company, not the debtor. Many people believe that the collection process is wrought with disrespectful and profane phone calls at all hours of the night. The hamper the collection process because they fear being coerced to make payments that they cannot afford.
Debtors spend their time worrying about the collection agency hired by their creditor to recover the money they're owed, but these debtors could save themselves the headache if they, instead, researched what debt collection conduct is accepted and prohibited by law. A small amount of research can go a long way to combat debtor fears of the debt collection process.
A cursory internet search will suffice for the debtor to obtain their basic rights while engaged in collections with a creditor. The amount of debt collection legislation available on the World Wide Web is abundant. The Fair Debt Collection Practices Act is posted in its entirety on the website of the United States Government. Likewise, many states have collection guidelines and approved behaviors accessible via internet. These websites also provide debtors with options of recourse should a collections agency conduct themselves in a way that is prohibited by law.
In lieu of educating themselves on their rights, debtors go online and read all the horror stories they can find regarding debt collection. So many debtors are ready to blog about the horrible experience they had with a certain collection company, but no one really tries to determine if the review is truthful or if the debtor is just angry because they had to pay a higher settlement than they wanted. Moreover, the majority of collection companies is respectable and looks to creditors for repeat business. They represent the creditor as well as their company. Agents do not want to sully the name of either because that is bad for business; also, collections agents do not get paid unless they collect the debt for their clients. True, some collection companies are unethical and try to skirt around the law but, one shouldn't hold that against the industry as a whole.
The bottom line is that the prejudice against collection agencies is unfair. Collection agents are there to facilitate a smooth recovery process for both the creditor and the debtor. The debtor should not try to stall or otherwise impede the process. That just frustrates all parties involved and makes the creditor less likely to compromise on the amount of recovery sought.
Debtors spend their time worrying about the collection agency hired by their creditor to recover the money they're owed, but these debtors could save themselves the headache if they, instead, researched what debt collection conduct is accepted and prohibited by law. A small amount of research can go a long way to combat debtor fears of the debt collection process.
A cursory internet search will suffice for the debtor to obtain their basic rights while engaged in collections with a creditor. The amount of debt collection legislation available on the World Wide Web is abundant. The Fair Debt Collection Practices Act is posted in its entirety on the website of the United States Government. Likewise, many states have collection guidelines and approved behaviors accessible via internet. These websites also provide debtors with options of recourse should a collections agency conduct themselves in a way that is prohibited by law.
In lieu of educating themselves on their rights, debtors go online and read all the horror stories they can find regarding debt collection. So many debtors are ready to blog about the horrible experience they had with a certain collection company, but no one really tries to determine if the review is truthful or if the debtor is just angry because they had to pay a higher settlement than they wanted. Moreover, the majority of collection companies is respectable and looks to creditors for repeat business. They represent the creditor as well as their company. Agents do not want to sully the name of either because that is bad for business; also, collections agents do not get paid unless they collect the debt for their clients. True, some collection companies are unethical and try to skirt around the law but, one shouldn't hold that against the industry as a whole.
The bottom line is that the prejudice against collection agencies is unfair. Collection agents are there to facilitate a smooth recovery process for both the creditor and the debtor. The debtor should not try to stall or otherwise impede the process. That just frustrates all parties involved and makes the creditor less likely to compromise on the amount of recovery sought.
About the Author:
If you are seeking a full service, attorney based collection company, Rapid Recovery Solutions, Inc. has all the answers! Call RRS today for more information.. Free reprint available from: Don't Fear Your Collection Company.
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Unknown - Tuesday, October 9, 2012
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