How Do I Know If I Need Commercial Debt Recovery?
In this new era of commercial debt collections, a company is in danger of coming to an end if they do not take action. After all, if you ignore your past-due business accounts, then the debt collectors will get on with collecting the money owed. There are, however, things that you can do to ensure that you do not run into such problems in the future. And, yes, it truly is possible to contact your former creditors and have them agree to repayment plans that are not in their best interests. (This is something that many companies have discovered.)
The first step involves getting in touch with your collection agency and discussing a possible commercial recovery plus installment agreement. Now, you must be prepared to discuss not only your past due accounts but also things like the outstanding balance of your overdraft facility, your credit card minimum monthly payments, your monthly deposits, and more. Yes, it is critical to make sure that you keep all of this information ready and available to your debt recovery plus company. In fact, it would be a good idea for you to have everything on hand so that you do not accidentally forget or misplace anything.
Once you have all of this information at your fingertips, it is time to contact your commercial debt collection services. Now, you will have to be careful here. Remember, that not all of your former business accounts will be willing to work with you, nor will all of your creditors. If your accounts do not cooperate, then you will want to seriously consider going over the terms of a potential commercial debt recovery plus loan with your debt collection services. This is always a good idea.
Another important thing that you need to be prepared for is the possibility that your commercial debt collection services will attempt to contact previous clients for information regarding your current status. Keep in mind that the purpose of these phone calls and emails is not to offer advice, but to collect money from your client. They will take the information that they get and possibly sell it to another collection agency, which could result in the loss of a legitimate account. Therefore, it is extremely important that you are aware of your rights here.
The next step that you will want to take is to contact your credit monitoring agencies and find out what your credit score is as of this very moment. When you go over this with your commercial debt recovery plus loan company, it may be time to prepare a letter that you can send in anger to the credit reporting agencies. You may also want to prepare a similar letter to send to your creditors. It is important to make sure that your letter contains a strong demand that you want done, such as a request that the credit bureaus to provide you with a copy of your credit report within a specific time frame. Furthermore, you should be prepared to explain the situation and provide the means through which the credit reporting agencies can be informed of your problem.
Once you have a copy of your report, you should review it and look for errors or any inconsistencies. There are many instances where consumers have reported inaccuracies on their reports because they did not realize that the information was incorrect until the information is reported to the credit reporting agency. In addition, if you notice any type of fraud on your report, you should contact the appropriate authorities so that you can alert them to the situation. There are times when a consumer will dispute inaccurate information on their report and the credit bureaus have to investigate. However, it is in the best interest of the consumer to find out the validity of the claim before making any type of physical action against the company.
In addition to reporting to the credit bureaus, you should also try to contact any other party that may be involved in the collection of your debts. Inform your debt collectors that you will be looking into a possible commercial debt recovery service and that you would like to attempt to negotiate terms with them regarding repayment. If you are having trouble communicating with the collections agent, you may want to consider hiring an attorney. Many attorneys offer a free consultation and they can assist you in communicating properly with the collections agent.
In some cases, you may not be able to settle the terms of repayment with the collections agent. In this case, you should consider filing a complaint with the Federal Trade Commission. The FTC works to help consumers that have been a victim of fraud within the credit industry. If the agency finds that the collection agency is engaging in unfair and deceptive business practices, they will file a complaint in federal court. This will allow the agency to force the credit bureau to cease collection activities.