If you have decided to pursue loan recovery on your delinquent accounts, there are a number of steps you can take to speed up the process. First, understand the collection process and know how to best manage delinquent accounts. Second, hire a reputable and efficient business debt collection company to help resolve the collection issues you face. Finally, know the steps you need to take in order to protect against future debt collection activity on your accounts.
In many collections situations, the key to success is to quickly and efficiently locate all accounts you have written off and are owed. This often means hiring an accurate, fast-moving collection agency that can quickly locate all those accounts. In most collections, however, there is a balance due on many accounts. That’s where your loan recovery agency steps in and becomes an essential part of the strategy you use to quickly locate and recover money from delinquent accounts. Without the support of a good collection agency, it can be difficult and expensive to locate and recover money for these accounts.
There are also strict federal and state debt collection laws that you must comply with. These laws are designed to protect you and give you the tools you need to manage debt properly. Some of these laws include: Consumer Credit Act, Fair Debt Collection Practices Act, Truth in Lending Act, and Identity Theft Protection Act. These federal laws are also enforced at the state level. These state laws include: Consumer Credit Act, Digest of Public Consumer Law, Performance Based Pricing Act, and Sale of Goods Act.
There are also several trade groups that focus on helping consumers with recovering money. One of these groups, the American Association of Consumer Credit Counseling Attorneys (AACCA) educates members on the Consumer Credit Act and how it protects them from abusive or unethical debt collectors. The Consumer Protection Act and the Fair Debt Collection Practices Act were designed to protect you from abusive collections practices of debt collectors. This group also provides members with information on what they can do to protect themselves from debt collectors, including: how to get a copy of a consumer’s credit report, what they can do to contest any attempts to collect money, and what NOT to do to get a refund.
Another trade group, the American Business Owners Association (ABA) focuses on protecting businesses and their owners from unfair or deceptive business practices. They provide resources and information on business debt collection agencies as well as other business entities such as: credit bureaus, mortgage companies, and attorneys. Many members of this association have been personally affected by deceptive or unfair business practices. As a member of this association, you can be confident that you will not only be protected by consumer protection laws, but also by common business rules and ethics. You will learn how to make informed decisions regarding your business finances.
The last trade group to discuss was the National Foundation for Credit Counseling. They provide resources on consumer protection laws, including: How the Fair Debt Collection Practices Act protects you, how professional debt collectors behave, and how to select an ethical and reputable debt collector. According to the National Foundation for Credit Counseling, the three main components of consumer protection laws are the Truth in Lending Act (TILA), the Fair Debt Collection Practices Act (FDCPA), and the Fair Credit Reporting Act (FCRA). These three laws together cover all aspects of the credit process and work together to protect you. These associations will also help you understand your rights under each of these three laws.
All three of these associations are voluntary, and you can join without paying a fee. However, some members will receive discounts for their membership. Your states or local governments may also provide additional discounts for members who work with debt collectors in particular industries. If you choose to be a member of more than one association, you will likely have even more opportunities to learn and grow in your area of practice. In addition, you’ll find that being part of more than one association means that you have more opportunity to build solid working relationships with other debt collectors and with your state or local consumer protection agency.
Once you decide to work with a debt collection agency, you should educate yourself in everything possible about the process. You should also do your best to know the history and track record of each company you work with. Ask the company what types of complaints it has encountered. Is it constantly fighting with another debt collection agency? Are there any complaints that the company has with the Better Business Bureau? All of these areas will help you make the decision that is best for you.