Commercial Debt Collection Knowledge
Let's talk a little bit about the history about debt collection, well debt collection has been around since the invention of money. Debt collecting is the only business I can say without a doubt hasn't changed at all really in the way they go about conducting there business. The process is a very simple one to understand, you barrow money from a bank,creditor, or personal investor, they lend you the money you need with the promise you will pay them back with interest by a certain period of time. If for whatever reason you can't make good on your promise then you will become life long friends with them until your able to pay your debt off. This will in tale phone calls all hours of the day and night, visits to your house, and on occasions depending on who you owe money to they can garnish your wages.
In 2017 there have been more laws/programs set in place to help people who are trying to cover there debts, these laws help protect debtors and creditors. Now there are different kind's of debts stemming from a debt collection concern, consumer debt, or commercial debt. Because of this there are several different laws in place that help with your specific situation. Many of you may be asking what the difference is between them all?
What Is Consumer Debt Collection?
When it comes to consumer debt this involves businesses-to-business debt collecting, one may ask who is the creditor? Who is the consumer? Who is the debtor? In this particular debt collection the whole process will be governed by all the counterparts involved.
On a side note, to ensure that the privacy of the consumer debtor is protected at all times, the Fair Debt Collection Practices Act (FDCPA) has been set in place to ensure the protection of all consumers. We all know that it is a must for every individual to watch out for prevent debt collectors who use abusive practices when it comes to collecting. This act was designed and put into place to provide the consumer with the option to file a dispute in need be, this entails the distressing collector to under go penalties and make them provide accurate and valid debt information.
Most people just don't have the knowledge that is needed in any given case they may be facing, and this is why it is more sensible to take advantage of a expert credit collection business who has extensive knowledge on any topic/situation that may come up. This will be greatly beneficial to you when dealing with consumer debt collectors. For more info click on Commercial Debt Collection.