Posts Tagged ‘collection company’
Saturday, April 24th, 2010
And you thought your bill collection company was bad! Recently, a website put together a list of bad debt collection experiences and these were among the worst. Karen Garrett, the public relations coordinator for Pittsburgh-based nonprofit Advantage Credit Counseling Service thought that she had heard it all until her agency got a call from a senior citizen late last year. She had called in tears and told Garrett that bill collectors had called her and told her that they had the police outside. If she did not pay, they were going to drag her to jail.
Debts are strictly a civil matter, not a criminal one, and jail time is definitely not even a punishment for not paying your bills. “It is very important for people to know that there is no such thing as debtor’s prison” Garrett says, smiling and rolling her eyes.
If bill collectors are making unlawful threats like physical violence, deportation and jail time, you can always report the harassment to the Federal Trade Commission or to your state attorney general’s office. The Federal Fair Debt Collection Practices Act prohibits bad behavior by third party collectors. These people do not follow the same rules as those who are collecting for the creditors directly. They are not allowed to call you at your place of employment if you ask them to stop, publish or threaten to publish your debt, reveal to anyone else that you may have a debt, harass you on the phone or use profanity. The laundry list continues.
They can’t use loss of child custody, deportation, illegal punishment like jail, or physical harm. They cannot call your home before eight AM or after 9 PM or even call at all if you have already written a request asking them to cease contact, or if you’ve hired a lawyer.
One older woman from New Jersey owed $12,000 in credit card debt after placing every day living expenses on her card. The bill collector called and informed her that they were going to take her home. She was also informed that they were not willing to take a penny less than the $12,000 she owed, and furthermore, they wanted it now. She tried to scrape up the money herself but couldn’t. “Debt collection companies are very intelligent when it comes to doing research. They will threaten targeted assets like a home or income source. But in many states, homes are protected from debt collection,
Mallory Megan is employed by a debt collection company. She also composes stories on business, finance, consumer spending and collection agencies. Grab a totally unique version of this article from the Uber Article Directory
Tags: bad debt collecting, collection agency, collection companies, collection company, commercial debt collection agency, commercial debt collections, commercial debt recovery, credit collection agencies, credit collection company, debt collection agency, Debt Consolidation
Posted in Debt Consolidation | No Comments »
Thursday, April 22nd, 2010
Health care reform bills received this week by House & Senate boards could collide some debt buyers and collection agencies that doesn’t offer health insurance or have insurance plans that might be regarded too sparse. The fresh proposals would necessitate businesses to administer coverage to workers.
So far, still, ACA International says it is optimistic that the health care reform bill wont unfavorably affect how hospitals and health care benefactors do business with Account Receivable Management professionals.
ACA is tentatively favorable that the important business operations of health care providers will remain flawless in the near term.
Under the Americas Affordable Health Choices Act introduced Tuesday in Congress, employers may provide health insurance coverage for their workers or contribute funds on their behalf to a public plan. To help small employers, firms with payrolls of $250,000 or less will be exempt from providing coverage. But employers with payrolls between $250,000 and $400,000 that do not provide health coverage would face a penalty starting at two percent of total payroll and rise to eight percent. A new small business tax credit will be available for companies that want to provide health coverage to their workers. Also, employers that offer coverage will have to meet minimum benefit and contribution requirements.
Jim Richards, chief executive of Capio Partners, a debt purchasing and collections enterprise, said that he doesnt predict any unfavorable impact to his 18-month old business from legislation requiring employers to provide health care coverage. Like many other companies Richards has owned, Capio Partners has offered health coverage since its origin. Richards said it makes competitive sense for the Atlanta-based company to offer health coverage and it helps attracts better employees. Also, its a good thing because people get coverage.
ACA president Jay Gonsalves said most of his organization’s membership provides health care coverage. But he’s concerned that minimum coverage standards could burden employers.
Mallory Megan works for a debt collection company. Also she writes articles on business and finance, consumer spending and collection agencies.
Tags: bad debt collecting, bad debt collection solution, collection agency, collection companies, collection company, commercial debt collection, commercial debt collection agency, credit collection agencies, credit collection company, debt collection agency, Health Insurance
Posted in Health Insurance | No Comments »
Thursday, April 15th, 2010
Collectors typically have jobs where they have expecations to meet. At times these include average calls per hour or success rate goals. Due to the fact that most debt collectors work for commission, they might depend on a certain level of success to meet their own needs.
Sometimes bill collectors work evenings and weekends, other collectors may work part time hours, however the majority works forty hours a week. Typically the work schedules are have an amount of flexibility.
It is typically a requirement that collection agents have a high school diploma at least but collectors with college education or customer service experience are highly preferred. After they are hired, debt collectors will receive on the job training. Some formal classroom training might be required, like training in specific computer software. They will most likely be trained in telephone techniques and negotiation skills.
Also, they should learn the state laws and the details of the Fair Debt Collection Practices Act. Bill collectors obviously should have very good communication skills, and people skills, because they have to speak to people every day, some of them are in stressful financial situations. They should be able to handle rejection in a mature way. Any type of experience with computers or telecommunications equipment can be helpful.
With the amount of experience that collectors gain comes their rate of success, which means more money in commissions. Collectors who are successful will generally get larger accounts with opportunities to earn higher. Workers who get additional experience, skills and training are more likely to advance.
In 2008, there were almost 411,000 debt collectors. Twenty five percent of collection agents were employed by businesses, nineteen percent were working for financial and insurance agencies, and eighteen percent were employed in the health care field.
Experts expect the amount of bill collector jobs to grow faster than the average of all occupations. It is projected to grow by around nineteen percent from 2008 to 2018. Researchers expect that new jobs will be made in industries such as health care and financial services. Jobs are expected to grow for both in house bill collectors and third party collection agencies.
Mallory Megan is employed by a debt collection agency. Also she writes articles on business and finance, consumer spending and collection agencies. Get a totally unique version of this article from our article submission service
Tags: bad debt collecting, bad debt collection solution, collection agency, collection companies, collection company, commercial debt collection agency, commercial debt collections, credit collection agencies, credit collection company, debt collection agency, Debt Consolidation
Posted in Debt Consolidation | No Comments »
Thursday, April 15th, 2010
Almost everyone who has been in debt has received the dreaded phone call from a collections agency. But sometimes one phone call turns into twenty, and even worse, an agent may be aggressive and threatening on the phone.
While it might be true that collections agents are attempting to collect a legitimate debt, more and more negative attention is being focused on unfair and aggressive policies that some companies have been using.
Some of the more aggressive tactics caught the eyes of James Caldwell, Louisiana attorney general and Washington attorney general Ron McKenna who have both pledged to make accounts receivable management firms and their owners clean up after their acts.
In fact, Caldwell has already obtained injunctions on January 8th against two collection agencies that were not complying with the standards that have been set for obtaining debt.
On the same day McKenna stated that his office had just come to an agreement with a collection agency that agreed to comply with new restrictions that have been established.
Some of the new boundaries that these collection agencies must comply with include more effective communication. This means that any harassment, intimidation, threats, profanity, or attempts to embarrass the debtor are now out of the question.
With these new settlements, these collection agencies under scrutiny will no longer be able to intimidate debtors through implications such as failing to pay a debt will result in a suspension of the debtor’s driver’s license.
Finally, although these collection companies are lawfully able to report debts to credit reporting agencies, they are no longer allowed to threaten debtors with impairment of their credit rating.
Although collections agencies are justifiably trying to collect a legitimate debt, there are two issues to consider. People who owe money are just thatpeople, who deserve to be treated with respect and dignity. More importantly, if a debtor is terrified of an aggressive collections agent who calls them constantly they very well may just stop picking up the calls, leaving themselves in debt, and the collection agencies with nothing.
Mallory Megan is employed by a debt collection agency. Also she writes articles on business, finance, consumer spending and collection agencies.
Tags: bad credit loan, business collection, collection agent, collection company, Credit and Debit, Debt Consolidation, debt negotiation, debt negotions, debt reduction, debt settlement, good credit, medical debt collection, professional debt collection, small business collection agency
Posted in Credit and Debit | No Comments »
Thursday, April 15th, 2010
Debt collectors, or bill and account collectors’ job is to try to collect payment on bills that are overdue. Most bill collectors are employed by third party collection agencies. The creditor, or the company or business that is owed the debt, will often hire outside of the company; especially if their accounts receivable department is small.
Other collection agents work directly for the original creditors; these collectors are called in house collectors. Usually these are finance-based companies like credit card and mortgage companies, health care providers or utility companies.
No matter what entity they work for, the goals of debt collectors are the same. First, they’re called upon to locate people or businesses that are in debt, and let them know that they are delinquent. Usually this will be over the phone, but sometimes they send letters.
When debtors (people in debt) move without leaving a forwarding address, bill collectors might check with telephone companies, the post office, credit bureaus and former neighbors to get the new address. This practice is called “skip tracing.” They’ll use computer systems to automatically track when people or companies change their addresses or contact information on any of their open accounts.
Once the bill collectors locate debtors they let them know about the overdue accounts and ask for payment. If it’s necessary they’ll go over the terms of sale, or credit contracts. A good bill collector is a sneaky one. They’ll probably use their listening skills to try to figure out the cause of the delinquency.
Usually, they will have the authority to offer a repayment plan or some other aid to make it easier for people to pay off the money that they owe. Sometimes they are able to find solutions to the financial problem. They may even give useful advice or refer people to debt counselors.
Mallory Megan is employed by a debt collection company. She also composes articles on business, finance, consumer spending and collection agencies. Get a totally unique version of this article from our article submission service
Tags: bad debt collecting, bad debt collection solution, collection agency, collection companies, collection company, commercial debt collection agency, commercial debt collections, credit collection agencies, credit collection company, debt collection agency, Debt Consolidation
Posted in Debt Consolidation | No Comments »
Monday, April 12th, 2010
Recent research by RealtyTrac Year-End 2009 Foreclosure Market Report shows us that 3,957,643 foreclosure filings have been reported on 2,824,674 U.S. properties in the year of 2009. This also includes foreclosure auctions that were scheduled, default notices and bank repossessions.
That’s a twenty one percent increase in properties from numbers in data collected in 2008, and a one hundred and twenty percent increase in total properties from 2007. The report also revealed that one in forty five housing units, 2.21 percent, received at least one foreclosure filing during 2009, up from 2008’s 1.48 percent and 2007’s 1.03 percent.
In the month of December alone, foreclosure filings have been reported on 349,519 properties in December. This a fourteen percent jump from the previous month of November and a fifteen percent increase from 2008. But despite the fact that there was an increase in December, foreclosure actions in the fourth quarter of 2008 has decreased by seven percent.
Of all of the states in America, Nevada took the nation’s highest state foreclosure rate; more than ten percent of housing units received at least one foreclosure filing in 2009. This is Nevada’s third consecutive year at the top of the foreclosure list. Nevada’s foreclosure activity in the month of December increased twenty seven percent from the previous month, however it still was down by twenty two percent from December of 08.
Arizona claimed the nation’s second highest state foreclosure rate in 2009 with more than six percent of properties receiving at least one foreclosure filing during 2009, and Florida claimed the nation’s third highest foreclosure rate at 5.93 percent of its properties getting at least one foreclosure during the filing year.
This raises concerns in the debt collection industry. Recent trends have noted that consumers are pumping up their credit debt and low balling their assets to receive lower payment plans. The fact that they are maxing out their credit cards to receive lower payment plans does not look promising.
Mallory Megan works for a debt collection agency. Also she writes stories on business and finance, consumer spending and collection agencies. You are welcome to reprint this article – but get your own unique content version here.
Tags: bad debt collection solution, collection agency, collection companies, collection company, commercial debt collection agency, commercial debt collections, commercial debt recovery, Credit and Debit, credit collection agencies, credit collection agency, debt collection company
Posted in Credit and Debit | No Comments »
Monday, April 12th, 2010
Your credit history. It could be your best friend, or your worst enemy. Most of the time it’s like a grumpy mother in law coming to stay for a visit. You know that she’s on her way, and that’s always bad news, but you are too scared to inquire about or even consider how long she will be staying. Even though that was the worst analogy ever, read on to see how long negative marks stay on your credit history!
In my opinion, there are two records that really count. Your criminal record and your financial record. Unlike your criminal record which will loom over your head for a very long time, your credit report and scores are not permanent. But how long can these negative records exist on file?
First off, mistakes in your credit report will be removed rapidly. It you discover a mistake, or a negative account that does not belong to you, contact the credit reporting agency and the creditor. You should be able to have the negative account removed within 180 days.
Anytime your credit report is pulled at your request, something called an inquiry is put on your report. An inquiry on occassion would not hurt, but if you have placed a large amount of inquiries within a short time period, this generally permits prospective creditors know that you need the cash and you need it fast. The bottom line is that the more inquiries that show up on your report, the lower your score will drop. These will usually last only up to two years.
But here’s the scoop about inquiries. Not all inquires will negatively affect your credit score. Soft inquiries, like when you get your credit score, or when companies check your credit for purposes of making unsolicited credit offers do do any harm. When you apply for a credit card, the creditor pulls your credit report that will result in what is a hard inquiry. This may potentially lower your score.
Mallory McGuinness works for a debt collection agency. Also she writes articles on business, finance, consumer spending and collection agencies. You are welcome to reprint this article – but get your own unique content version here.
Tags: bad debt collecting, bad debt collection solution, collection agency, collection companies, collection company, commercial debt collection agency, commercial debt collections, Credit and Debit, credit collection agencies, credit collection company, debt collection agency
Posted in Credit and Debit | No Comments »
Monday, April 5th, 2010
Layoffs and pay cuts pushed more people towards bankruptcy last year, and experts say that the situation will most likely not iget better until the unemployment issue igets better. In Wisconsin, bankruptcy filings raised to 30 percent in 2009. This came on top of a 35 percent increase in the preceding year.
According to bankruptcy lawyers, not only is it layoffs and firings that are motivation to file. It’s the losses of once-regular over time pay and full time status that have left consumers unable to keep up with monthly payments that in the past were not an issue to pay.
U.S. Bankruptcy Court records reveal that there were 27,413 bankruptcy petitions filed in Wisconsin last year. More than 80% were Chapter 7 cases. Chapter 7 cases wipe out medical bills, credit card balances, and other types of debt. Recent Research by The Associated Press shows us that more than 1.4 million bankruptcies were filed in 2009, an sharp increase of about 32% from 2008.
And even though bankruptcy absolved the impending debt and offers consumers a fresh financial start, people often stay unemployed and are unable to find employment to get a decent income agency.
To add to the bad news, unless the economy recovers enough for industries to start hiring again, there is not much reason to think that bankruptcies will decrease in 2010. Researchers have predict that home foreclosures will continue to pile up in 2010 because people who previously had adequate credit have lost employment and ccan’tkeep up with payments.
Bankruptcy could seem like a good option to get a fresh start, but it has a negative effect on your credit report for ten years, leaving you unable to get a car, place of residence, or employment. Before declaring bankruptcy, it might be a wise decision to speak with your creditors and see if some sort of repayment plan can be worked out.
Mallory Megan is employed by a debt collection company. Also she writes articles on business, finance, the credit industry and collection agencies. Click here to get your own unique version of this article with free reprint rights.
Tags: bad debt collecting, bad debt collection, bad debt collection solution, collection companies, collection company, commercial debt collections, credit collection, credit collection company, debt collection company, Debt Consolidation
Posted in Debt Consolidation | No Comments »
Thursday, March 11th, 2010
One of the key benefits to working with most collection agencies is that you only pay when they successfully collect on a past-due account. This means if the agency can’t collect money on your behalf, you don’t owe anything. Debt collection agents operate on a commission, usually collecting about one third of the commission.
Notwithstanding, this isn’t always the case. If you have a few smaller debts ranging form $10 – $500 each, the collection agency could require a fixed fee to handle those small accounts to make it profitable for them.
A Collection agency earns its money by taking a small percentage of the money they successfully collect. This percentage can range from 10% to 50% with the most common percentage being between 25% and 40%.
The fee is typically based on age and dollar amount. The older the debt the more difficult it is to collect and the agent will require a much higher fee to go after that kind of account. Also, make sure you factor in how difficult it will be to collect. Certain debts are riskier to collect therefore require percentage kept to be greater.
You could be responsible for some other charges related to their collection efforts including fee-based background checks, court costs, filing fees, and long-distance phone calls.
Before a collection agent works on a single claim, they will write up a contract that details the terms of your working arrangement including their responsibilities, the fees, any additional expenses, and customer service policies.
Be sure to read the contract over carefully for any fine print or contract language that seems confusing. If you notice discrepancies in the contract, make sure the agency fixes the problems immediately before requiring you to sign anything.
Mallory Megan is employed by a collections agency that works with a debt collection lawyer. Also, she does pieces on business and finance, consumer spending and collections agencies. Get a totally unique version of this article from our article submission service
Tags: bad debt collecting, bad debt collection solution, collection agency, collection companies, collection company, commercial debt collection agency, commercial debt collections, Credit and Debit, credit collection agencies, credit collection company, debt collection agency
Posted in Credit and Debit | No Comments »
Thursday, March 11th, 2010
When scouting for a Business Collection agency, it is critical for businesses to find a collection agency that services their specific needs. Some corporation’s may rely on collection agencies more than others. For example, a freelance graphic designer may only need to use a Collection agency’s services once during his or her entire career. However, a larger company, such as a credit card company, may require the services of a Collection agency more repeatedly.
There are a few things that companies should look for when making a choice for the right Business Collection agency. These include:
Price. Not all Collection businesses will charge the same rate or the same way. Remarkably Collection agencies do, however, set their fees depending on a percentage of the total amount of the monies to be collected. For example, a collection company may charge ten percent of the total collection amount to the business that contracts it. Some collection agencies charge on a contingency basis, meaning they only charge once funds have been collected, while others can charge a upfront fee for their services.
Reliability. Not all Collection agencies are identical when it comes to reliability and effectiveness. One of the most fitting ways to decide how trustworthy a Collection agency is likely to be is to carry out a simple background check on the agency using Internet searching tools or search with the Better Business Bureau. Also, many Collection agencies will offer references or have a list of clients that they have provided services for that new clients may check before hiring the agency.
Contracts. Some Collection firms offer contract work or retainers for their clients. In such a case, the agency may work a set number of hours each month for a set fee. Businesses need to be sure that they require a Collection agency’s services before they sign a long-term contract or retainer contract so that they can be sure that they get what they pay for.
Methods. It is important to ensure that a Collection agency is able to use a variety of methods when contacting non-payees. For example, Collection agencies should not only be able to approach a non-payee diplomatically through letter writing and phone calls, but the Collection agency should also be able to use legal courses of action, if necessary. May Collection agencies are part of law firms, which enables them to file legal cases easily and quickly, if necessary.
Mallory Megan is employed by a collections agency that works with a debt collection lawyer. She also does stories on business, finance, consumer spending and collections agencies.
Tags: bad debt collecting, bad debt collection solution, collection agency, collection companies, collection company, commercial debt collection agency, commercial debt collections, Credit and Debit, credit collection agencies, credit collection company, debt collection agency
Posted in Credit and Debit | No Comments »