Nexa Collect

JUNE 21, 2023

This can make qualifying for credit cards, loans, mortgages, or even certain jobs harder. Increased Debt : If you ignore the debt, interest and fees may accumulate, potentially increasing the total amount you owe. Legal Action : The creditor or collection agency may file a lawsuit against you to recover the debt.

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The Kaplan Group

OCTOBER 19, 2020

FDCPA ( Fair Debt Collection Practices Act). The Fair Debt Collection Practices Act (FDCPA) is a federal law that restricts the behavior of collection agencies when they are attempting to collect money from individuals. These provisions mean that you may owe interest on unpaid debts.

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Taurus Collect

FEBRUARY 1, 2024

They are responsible for pursuing the repayment of debts on behalf of creditors. Understanding the raison d’être of debt collectors can demystify their actions and help you approach situations with them in a more empowered way. Creditors may prefer this method as it minimises upfront costs and financial risks.

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Collection Industry News

DECEMBER 4, 2022

If you know your rights and financial situation, it’s less likely that you may be duped by a similar scheme, according to Bruce McClary, senior vice president of membership and communications at the National Foundation for Credit Counseling. Getting to know the Fair Debt Collection Practices Act is a good place to start, he said.

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