Home » Entries posted by Mallory Megan (Page 4)

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Rate Of Bankruptcy Filings Is Increasing Drastically

Pay cuts and layoffs pushed more Americans into bankruptcy the past year, and experts say that the situation won’t be likely to get better until the unemployment problem improves. In Wisconsin, bankruptcy filings raised to 30 percent in 2009. This came on top of a 35 percent increase in the preceding year.

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Debt Collectors For Beginners: When A Debt Collector Is On The Phone

Welcome back to debt collection 101, your beginner’s guide to debt collection. In the last article I wrote about two types of debt collectors, third party collection agents and in house debt collectors. I spoke about what skip tracing was and how a skilled debt collector will use it to find new information on a debtor that is difficult to locate.

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Respecting Privacy With Debt Collectors: When Is It Crossing The Line?

Personal finance is an issue that is, well, personal. Due to the delicate nature of this subject, debt collection is closely monitored by Federal and State laws that do their best to protect the privacy of a consumer. The Fair Debt Collection Practice Act (FDCPA) is a federal law that all third party collection agents must follow and it comes with restrictions regulating how a debt collector might approach the issue of contacting debtors and how to preserve their privacy. First off, a debt collector can only speak about your debt to you, the credit bureaus, and the creditor that they are working for. They certainly cannot make up a list of their debtors to distribute to other creditors, or advertise a debt for sale.

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Debt Collectors For Beginners: Job Expectations

Welcome back to debt collection 101, your beginner’s guide to debt collection. In articles one and two, I spoke about the different kinds of collection agents, how bill collectors will locate a consumer, and what they will do when they contact the consumer. In article three I described the strict rules and regulations that debt collectors, particularly third party debt collectors must abide by when they make each phone call. In article four I wrote about what the job of a debt collector is like, now I will describe the expectations that debt collectors are generally required to meet on the job.

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Collection Agency Course For Beginners: A Lesson In Skip Tracing

Welcome to debt collection 101. Here you will learn the ins and outs of debt collectors, otherwise known as account or bill collectors, or collection agents. The main job of a debt collector is to locate a debtor (a person who owes money to a creditor) and to try to collect payment on accounts that have gone delinquent. There are two types of debt collectors. The first type is the most common. These are called third party collectors, and these people work for a third party collection agency. What happens in these situations is that a creditor will have a delinquent account that it will hire out to a third party collection agency, who will then tell the third party collection agent to collect on behalf of the creditor.

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Collection Agencies For Beginners: Rules And Regulations

Welcome back to debt collection 101, your beginners guide to debt collection. In article two of this series, I wrote about what a debt collector will do after they have located their debtor and informed them of their debt. Oftentimes debt collectors can make it easier for debtors to pay back their delinquent accounts, can be friendly and offer advice, but also have the authority to mark your credit score negatively, and hand your account over to an attorney if you refuse to pay.

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The Perks Of Working For A Collection Agency

Welcome back to debt collection 101, your beginner’s guide to debt collection. In articles one and two, I spoke about the different kind of collection agents, how bill collectors will locate a consumer, and what they will do when they contact the consumer. In article three I described the strict rules and regulations that debt collectors, particularly third party debt collectors must abide by when they make each phone call.

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The Bare Essentials Of Debt Collecting Part Two

In article one in this three piece series on the very basics of debt collection, I wrote about the differences between third party debt collectors and in house debt collectors. But no matter what entity or institution they work for, the goals of debt collectors are the same. First, they need to find the people or businesses that owe the debt, and inform them that they are delinquent in their payments. Generally, debt collectors will reach a debtor over the phone, but they are known to send mail as well.

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The Very Basics Of Debt Collection Part One

This is the first article in a three part series on the very basic facts of debt collection. When you take out an account, and don’t pay your account bills on time, the account goes delinquent and your bills turn into debt. A debt collector is a person whose job it is to try and get in contact with you and get that money back, or in layman’s terms, collect the debt.