Know everything about Debt Collection Agency

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If you are in business then you might frequently heard a term ‘debt collector’. Do you know who they are and what they do?  Stop here, since below you will find information regarding debt collection agency and their professionals. Debt collectors are those who collect the money from your business’s debtors on your behalf. It’s a third party service. If a debt collector contacts you then don’t panic since you have numerous of authorities or rights due to fair debt collection rules, policies and acts. Few tips are given below on how to deal with a debt collector-

Get papers regarding your debt – it’s the chief duty of debt collection agency to send you legal documents regarding your debts including creditor’s name etc. If they don’t do this, ask them to send to the documents.Image result for Know everything about Debt Collection Agency

Verify whether you really owe money or not – After receiving notice from debt collector, verify it from the creditor. If you find that you do not owe money of any creditor, you can send them legal notice mentioning that you don’t owe money, but keep a copy with you for future reference. But make sure that you send this notice from the certified mailing system.

Keep all records safe – In such cases, phone and text records matter the most, so keep them save. You can make a file in which you can save all the records that you send to or receive from the debt collector. In addition to this, keep records updated with date and time when you have received or send any notice regarding owing money.

Debt collectors are restricted to many things such as using abusive language, misbehaving with debtor, harassing, false representing documents, threatening debtor etc. Along with this, a debt collector also can’t present the fake sum of your debt.

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