California debt collection practices mirror New York collection practices, which fall in line with federally mandated debt collection practices. However, the general public is still uneasy when it comes to trusting a debt collection company. Debtors read and hear so many nightmarish debt collection experiences that they presume that all collection agencies are despicable, and they have no intention of working with these companies.
Debt collection companies have state and federal government requirements as to how they must conduct themselves when trying to collect a client's debt. Debtors can easily access approved and prohibited conduct via the internet. The United States government has the Fair Debt Collection Practices Act available in its entirety on their website. If you owe a debt, and even if you do not, it would behoove you to educate yourself on legal and illegal debt collection practices. Fair California debt collection practices, as well as other states, are also accessible online.
When people owe debt to a corporation, and they have continually defaulted, then the corporation might turn the account over to an in-house collections agency. Because these companies are owned by the original creditor they do not have to follow the state and federal mandates that third-party agencies are obligated to follow. Debtor interaction with first-party agents is professional and courteous. These agents represent the creditor and do not want to tarnish the creditor name by harassing the indebted and risk having a bad review posted or any circumstance like that.
There are two types of third-party collections agencies. The first are companies that are contacted by the original creditor, the first-party, to try and collect a debt. Agencies that are sought out by businesses are generally honest and trustworthy. These companies represent the creditor, and they do not want to have a misstep and not receive repeat business. Also, these agencies don't get paid unless they are successful in recovering the creditor's debt. Debt-buyers are the second kind of third-party collections companies. These agencies buy your debt from the initial creditor, and then contact you to recover the debt. Because these companies have no tries to the original creditor, they have little incentive to be respectful or professional. These are the companies that you hear horror stories about.
It falls on the debtor to educate himself on his rights. All the information is readily accessible. Most collections agencies are reputable and upstanding when it comes to collection practices. If you encounter a bully of a collection agent, then you have the law on your side. Don't put up with it, take action. Just please don't assume that all debt collection companies operate on the same level.
Debt collection companies have state and federal government requirements as to how they must conduct themselves when trying to collect a client's debt. Debtors can easily access approved and prohibited conduct via the internet. The United States government has the Fair Debt Collection Practices Act available in its entirety on their website. If you owe a debt, and even if you do not, it would behoove you to educate yourself on legal and illegal debt collection practices. Fair California debt collection practices, as well as other states, are also accessible online.
When people owe debt to a corporation, and they have continually defaulted, then the corporation might turn the account over to an in-house collections agency. Because these companies are owned by the original creditor they do not have to follow the state and federal mandates that third-party agencies are obligated to follow. Debtor interaction with first-party agents is professional and courteous. These agents represent the creditor and do not want to tarnish the creditor name by harassing the indebted and risk having a bad review posted or any circumstance like that.
There are two types of third-party collections agencies. The first are companies that are contacted by the original creditor, the first-party, to try and collect a debt. Agencies that are sought out by businesses are generally honest and trustworthy. These companies represent the creditor, and they do not want to have a misstep and not receive repeat business. Also, these agencies don't get paid unless they are successful in recovering the creditor's debt. Debt-buyers are the second kind of third-party collections companies. These agencies buy your debt from the initial creditor, and then contact you to recover the debt. Because these companies have no tries to the original creditor, they have little incentive to be respectful or professional. These are the companies that you hear horror stories about.
It falls on the debtor to educate himself on his rights. All the information is readily accessible. Most collections agencies are reputable and upstanding when it comes to collection practices. If you encounter a bully of a collection agent, then you have the law on your side. Don't put up with it, take action. Just please don't assume that all debt collection companies operate on the same level.
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Unknown - Monday, October 1, 2012
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