Commercial Debt Collection Laws in Irving
Located in the heart of the Dallas-Fort Worth metropolitan area is Irving, which includes a city population of more than 239,000. Irving is known for its racial and ethnic diversity, and is ranked as one of the most diverse cities in the United States. As a melting pot of cultures, Irving hosts a variety of businesses from many different industries. However, there are still issues that businesses face when it comes to commercial credit and debt owed to them.
Commercial Debt Collection Laws
The legal interest rate in Irving is 6 percent without an agreement and 18 percent with an agreement; For judgments, the interest rate is 5.5 percent.
The statute of limitations on accounts, judgments, and contracts is:
- Open Accounts: 4 years
- Written Contracts: 4 years
- Promissory Note: 6 years
- Domestic Judgment: 10 years (renewable)
- Foreign Judgment: 10 years (renewable)
For details on the commercial debt collection laws in the state of Texas, see our Texas laws page.
Irving History & Economy
Irving’s roots trace back to the early 20th century when J.O. Schulze and Otis Brown envisioned a new community in the vast Texas landscape. The city was officially founded in 1903 and named after Washington Irving, the famed author of “The Legend of Sleepy Hollow.” Irving’s history is preserved in places like the Heritage Park, where visitors can step back in time and explore the city’s past through well-preserved landmarks and historical exhibits.
As part of the Dallas-Fort Worth metroplex, Irving has emerged as a significant economic hub. The Las Colinas business district, in particular, is a thriving center for corporate headquarters, boasting impressive skyscrapers and modern office spaces. The city’s strategic location, combined with a business-friendly environment, has attracted a diverse range of industries, contributing to economic growth and providing employment opportunities for the local workforce.
As of 2017, the top employers in Irving included:
- Citigroup, Inc.: 7,500 employees
- Caterpillar, Inc.: 6,900
- Verizon Communications: 3,200
- Irving Mall: 2,100
- DFW International Airport: 1,700
- Allstate Insurance: 1,600
- Microsoft: 1,300
- Neiman Marcus Direct: 1,300
- Health Management Systems (HMS): 1,200
- 7-Eleven: 800
Culture, Arts & Entertainment
For art enthusiasts, Irving offers a thriving arts scene with numerous galleries and performance spaces. The Irving Arts Center stands as a cultural hub, featuring galleries, theaters, and outdoor spaces that host a variety of visual and performing arts events. The center also houses the Irving Symphony Orchestra, providing residents and visitors with a delightful symphonic experience.
Irving boasts an extensive park system, providing ample green spaces for outdoor activities and recreation. The Mandalay Canal Walk at Las Colinas is a picturesque destination, offering scenic views, walking paths, and charming bridges over the canal. Residents can enjoy a day of relaxation or engage in recreational activities in the city’s well-maintained parks, contributing to the overall quality of life in Irving.
Contact Prestige Services, Inc.
Contact Prestige Services, Inc., if you own a business and are owed money from another company, that way our representatives can help get money returned to you. We offer a variety of services to businesses like yours, including free final notice forms, professional skip tracing, bank account searches, and more. We only take a contingency fee if we collect money in the debt collection process—so if our debt recovery service fails, there won’t be any fees for you.
For more information on the services we provide, visit our Services page.