In most of the times the debt collectors will use letters and phone calls to contact a delinquent borrower and try to resolve the issue of non-payment by convincing them to repay what they owe to your business. When these debt collectors cannot reach the specific debtor with the available contact information provided by you then they will look further and use computer software for this matter and sometimes even use private investigators as well for skip tracing. Apart from that they will conduct a thorough search for the debtor’s assets such as bank and brokerage accounts.
The rules to follow
The professionals of New York Collection Agencies will follow the set rules for collection at all times. Their primary objective is to ascertain the ability of the debtor to repay of the debt. They will report delinquent debts to the credit bureaus so that the debtor is encouraged to pay to protect their credit score from damage. However, a debt collector cannot reach into the bank account or take a paycheck unless a judgment is gotten. To do this, the collection agency may also take the debtor to court making sure that the statute of limitations has nit run out.
Enforcing The Judgment
A creditor may have obtained a judgment but it is hard to enforce it especially when the debtor is hard to find. The Consumer Collection Agency will help you to enforce the judgment as they know how to find these absconding debtors. They will place different levies on bank accounts, motor vehicles and even place a lien on property or make legal arrangements for the sale of an asset. The bottom line the debt collection agency is to collect your debt without any legal hassles for you.
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