Do you live in New York City and know a company who owes you outstanding debt? Do you know the laws and regulations of collecting commercial debt in New York City? Every U.S. state has its own debt collection laws and regulations, which are enforced in addition to any federal laws. The best people to take care of commercial debt collection are the people in agencies who focus on staying updated, and being educated and well-versed in the commercial collection laws in New York cities and state.

What is Debt Collection Like in NYC?

A good thing to keep in mind is that in New York City, laws that might work with consumer debt collection don’t work with commercial debt collection. In addition, the Fair Debt Collection Practices Act (FDCPA) applies to the collection of debt incurred by consumers, but the FDCPA doesn’t apply to the collection of corporate debt or debt owed for business purposes (FederalReserve.gov). Most rules and regulations in New York City focus on protecting debtors and maintaining a strict process for agencies to collect on debt. A debt collection agency must also provide substantiation of debt first before they can try collecting the debt; substantiation includes proof or evidence of debt (e.g. accounting statements, contracts).

How to Find an Agency to Hire?

It can be tough to find a commercial collection agency to hire to take care of debt collection issues in New York City. You need to do a lot of research and find an agency that specializes in specific areas of business debt. Agencies like Prestige Services, Inc., show their reliability and experience in how they’re bonded, licensed and compliant with all federal and New York state collection laws.

If you’d like to reach out to Prestige Services, Inc., you can call us at (800) 523-2797 or by email.

For more information on New York and its collection laws: https://psicollect.com/new-york/