How to choose a debt collection agencyThomas, Colin
Having a debt in collections can be a difficult time for anybody, but it’s important to remember that you still have protections, and there are many ways to pay off a debt in collections. Depending on how much debt you have and the types of debt, some options may work better than oth...
Don't use Bad Debt. That isn't the condition for you. This is not a Write off; it is awaiting collection. Create an Other Charge Type item linked to an Other Asset account named for Collections. Use this on a Credit Memo and apply it to the ope...
When dealing with a debt collector, don’t rush to pay or promise to pay. Instead, check the facts, know your rights around communication and report violations.
Verifying a debt collection account isn't just about ensuring the debt is real, though. It's also about understanding its accuracy. Old debttends to change hands multiple timesas it's bought and sold, and in the process, details can get lost or distorted. So, before you pay it, you ne...
You can take steps to protect yourself when you’re unsure about a debt collection call. If you are legally obligated to pay a debt in collections, you should. But you don’t want your money to be taken by a scammer. Here’s what you can do if you receive a debt collection text, ...
Open banking can potentially transform the debt collection industry. By providing debt collection agencies with real-time access to a customer's financial data, they can make more informed decisions about how to recover the debt. This could lead to better outcomes for both the agency and the cus...
Collection agencies must wait 31 days before reporting any debt. If you can pay a delinquent bill before that 31st day, you can likely avoid damage to your credit score and credit report. You have even more time with medical debt. When a collection agency has a medical debt, they have to...
Having debt isn’t always bad, but when you don’t pay your debts on time, they can go to debt collection. Failing to pay a debt in collection can lead to legal action and impact your credit. If you have unpaid debts handled by a collection agency, know the process so you can take...
If you’re considering whether a debt collection agency is right for you, the first thing you’ll need to know is whether it’s a) affordable, and b) worth the investment. I mean, how much can you actually make running your own debt collection agency?