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Debt Collecting 101

16 Apr

Debt Collecting 101

Debt Collector

Debt collection is the procedure of following up payments of delinquent debts owed by people or companies. In the United States, the collection of delinquent debts is regulated by the Fair Debt Collection Practices Act (FDCPA). A collection agency is also referred to as debt collector or an agency that specializes in debt collecting. Debt collectors to obtain payment from the debtor through legal methods like sending letters, making phone calls or by using various electronic means. However, it is not compulsory for debt collectors to follow any legal guidelines regarding the manner in which they collect debts from debtors.

 

Debt collectors are not allowed to harass their debtors in any manner. However, Collection agents are supposed to inform the debtor of their right to pursue for recovery of unpaid debts. It is in the discretion of the debt collector to contact third parties for the recovery of unpaid debts. However, there is nothing wrong in contacting legitimate third party sources in order to recover unpaid debts.

 

Most of the debt collectors operate online. They advertise their services on popular websites like Craigslist and Oodle, and on national as well as local networks such as Yahoo and CNN. In addition, debt collectors can also be found on television. However, most of the time, debt collectors are seen on the news, and not as representatives of creditors, as is the case with banks. For this reason, it is important to thoroughly research any source from which you may contact an agency for the recovery of an unpaid debt.

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