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Debt Relief: Research Reports: Difference between revisions
→Collection Agencies
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The Federal Trade Commission states that if you use credit cards, owe money on a personal loan, or are paying on a home mortgage, you are a debtor. If you fall behind in repaying your creditors, you will probably be contacted by a collection agency or a "delinquent debt collector". | The Federal Trade Commission states that if you use credit cards, owe money on a personal loan, or are paying on a home mortgage, you are a debtor. If you fall behind in repaying your creditors, you will probably be contacted by a collection agency or a "delinquent debt collector". | ||
Mike Ryan | Mike Ryan, President of NACM Southeast, wrote an article on "Qualifying Your Collection Agency". You, as an owner in a business have to be careful of what collection agency you choose. You have to ask yourself these questions: What does the agency know about your business? Can you rely on them to handle your accounts honestly, ethically, and effectively? Does the agency understand you may do business with this client again in the future? (Ryan, Mike. 106.8) This is the kind of agency that can legimately collect your money. | ||
The FTC also gives a few tips on a fair debt collection. There is an act that requires that debt collectors treat you fairly and prohibits certain methods of debt collection. This is known as the Fair Debt Collection Practices Act. This does not mean that your debt will just go away. You still have to face this debt head on. This just protects your rights. | The FTC also gives a few tips on a fair debt collection. There is an act that requires that debt collectors treat you fairly and prohibits certain methods of debt collection. This is known as the Fair Debt Collection Practices Act. This does not mean that your debt will just go away. You still have to face this debt head on. This just protects your rights. | ||