Posts Tagged ‘Collection Letters’

Legal And Illegal Tactics A Debt Collector Will Use To Collect: Debt Collection Basics Part Three

In: Reference & Education

7 Aug 2010

In the first two articles I wrote about what a collections account was, how sending delinquent accounts out to an agency profits a creditor, and the act of a third party collection agency buying old debt from a creditor.

How Long Will A Negative Mark Stay On Your Credit Score? Part One

In: Reference & Education

16 Jul 2010

Your credit score. It could be your worst nightmare, or a dream come true. But most of the time it’s kind of like that nosy mother in law coming to stay at your house for a few days. You know that she is coming to stay, and you are not looking forward to it, but you are too nervous to ask or even consider how long she might be paying you that visit. OK, so that analogy wasn’t that great. But anyway, read on to see just how long negative marks will stay on your credit history.

When You Owe Too Much Money And Just Can’t Pay

In: Personal Finance

21 Jun 2010

Debt can be an exhausting problem that weighs you down and affects your personal life greatly. But what if you have exhausted all of your resources and still can’t free up enough money to start repaying your debts in a big way? You still have choices. Perhaps it is time to think about the big things in your life- private schools, your house, and your cars. Are these things truly a necessity? Another option you have is to go through your house and your things and see if there is anything of value to sell. You can go after more money at your current job, or by taking on a second one. And there are still other alternatives yet. Credit counseling and bankruptcy are always available, but you are not there yet, so for now, take a deep breath and determine what you can accomplish on your own.

How To Recover From A Bankruptcy

In: Finance

5 Jun 2010

Bankruptcies can hang on your credit report for up to 10 years and can butcher your credit score by hundreds of points. But by using these tactics, you could improve your credit score and become creditworthy several years before the bankruptcy drops off your credit report.

Three Sure Fire Ways To Get Paid On A Past Due Account.

In: Business

5 Jun 2010

No matter what you do to try and weed out potential deadbeat customers, sooner or later one or more accounts will become past due. When you find yourself with a past due account on your hands, the worst thing you can do is ignore the problem. The more time that passes between the payment due date and the time that the customer is contacted, the less likely you are to receive the full payment. After 6 months, you statistically collect just 50% of the amount due and after a year that amount drops to only 25% of the original debt. If you are serious about turning a profit, there are three ways to handle the collection on past due accounts; in house efforts, hiring a collection agency, or taking legal action.

Today In The Collections Industry

In: Business

5 Jun 2010

The collections industry has grown quite large in the past couple of years. The reason for this is that collections and recoveries are typically outsourced business functions. It would be unthinkable for a creditor to try to handle retrieving debt from all of their accounts, so the creditors call upon the collections agencies.

What Is The Deal With Debt Collection Companies Pt. 2

In: Reference & Education

1 Jun 2010

Depending on how the person who owes money reacts to the demand will have a large effect on what additional notices (if any) the collections company will pick from its library. Voluntary resolution (e.g. making payment arrangements and/or partial payments) might result in letters with a gentler tone. Deceptive or belligerent reactions from the debtor might result in a more threatening tone.

Cali Collection Company Attempts To Get Healthy And Fit

In: Business

16 May 2010

A collection agency based in California produced a plot to motivate and educate employees to live healthier lifestyles in early January. There are twenty eight employees at the agency; more than half are currently participating in the initiative.


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