A lien is a legal right a creditor can place on a debtor’s property to ensure the person pays back their debt in full (Nolo.com). As a legal right, creditors can sell the property if the debtor fails to meet the financial obligations of a …
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Depending on the debt amount and to who its owed to there are a few different courts that creditors can sue debtors, including: state civil court, federal court, or small claims courts. Collection agencies are usually not allowed to use small claims court, because the …
In the realm of debt collection, legal proceedings, and even personal investigations, skip tracing emerges as a vital technique. The term “skip” refers to the person being searched for and is derived from the expression “to skip town.” Its significance lies in its ability to …
The average credit card debt of U.S. households is approximately $5,700, according to the most recent data from the Survey of Consumer Finances by the U.S. Federal Reserve. The average debt for balance-carrying households is $16,048 (ValuePenguin). If you owe money to a debt collector, …
What are personal guarantees and how are they effective in collecting commercial debt? We absolutely love clients who obtain personal guarantees! Why? Because their accounts are twice as collectible as other clients who do not use personal guarantees. If you are dealing with a corporation …
Commercial Credit Applications for the 21st Century Wow… have things changed over the years in the collection agency industry. Where do I even begin? It used to be that companies would have an actual “credit” department with actual “credit managers” who were the gatekeepers to …
