Category: Collections

Debt Collection Balances in 2022 Based on a recent analysis of the Fed Consumer Credit Panel/Equifax Data Report completed by the Federal Reserve, aggregate household debt balances increased by $333 billion in the fourth quarter of 2021, which represents a 2.2% rise from the third quarter of 2021, and the largest increase since 2007 in […]

The Debt Collection Rule (“the Rule”) interprets the federal Fair Debt Collection Practices Act. The Rule attempts to clarify how debt collectors can communicate with debtors and what information must be provided to the debtor when attempting to collect a debt. What Is the Debt Collection Rule? A new concept in the Rule is Limited […]

Deciding to hire a Debt Collection Law Firm vs Debt Collection Agency might seem similar in concept, but understanding the limitations of a debt collection agency is important. Both debt collection law firms and debt collections agencies are regulated by the Fair Debt Collection Practices Act; however, the abilities on how to collect the debt can be […]

As debts owed to your company start to pile up, you may find it challenging to keep your business afloat. Unless you have big money coming in otherwise, covering payroll, maintaining a solid inventory, and paying for overhead all require repayment of those debts. Trying to locate the debtors and get them to send in […]

Unless you have all your clients pay their balance in full at the time of service, you’re likely to end up having far too many outstanding debts. You may then have to decide if you want to form your own collection department — and carefully navigate debt collection laws — or hire a potentially costly […]