If you're considering investing in real estate and live within the vicinity of a college campus, you may choose to become a property manager of student housing. National Real Estate Investor reported that student housing continues to outperform the rest of the market, with $1.1 billion in properties bought or sold during the first quarter of 2016. Maybe you're already a landlord and are considering moving away from student housing to more conventional housing?
When searching for a debt collections agency, many businesses will turn to internet search engines and use the terms "local collections agency" or "collection agency near me". An agency that is located in the same geographic area as the business makes sense, as one of the qualifications of a good debt collections agency is state licensing. Licensing can be drastically different in each state and many require agencies are to be licensed in the state in which they are collecting.
Although finding a local debt collections agency is a good idea, there are valid reasons for finding a partner who is licensed nationally.
Topics: Debt Collection Vendor
One of the questions asked most often by our clients is, "What debt collection tactics do you use?" This is a very good question and typically reveals that the client has some idea about consumer rights and protections. Many of the posts on this blog dive deep into FDCPA violations and how consumers can work with fair and non-abusive debt collectors. At BYL, we want to treat clients and their customers the way we'd like to be treated. Even still, some debt collection tactics may seem shadier than others.
Here are Legal tactics most often used by debt collectors.
Credit scoring determines if you get a loan for a house, a car, or any other major purchase. Based on your past behavior with credit purchases and paying those debts, your credit score could also determine if lenders or creditors will trust you and, if not, charge you deposits or higher interest rates. Your credit, spending and payback history can't be erased so trying to improve your credit score may seem impossible. Ready for some good news?
Improving your credit score is possible with consistent effort and new changes from credit reporting bureaus.
Consumers who are cutting their cable or late on their bill can still be held responsible for debt to their cable company if the set-up box isn't returned. Individuals who have rented medical equipment are also liable if they are late returning or negligent in returning the devices to the supplier. Even if bills were paid on time but the rental equipment isn't returned, medical supply and cable companies can still seek a debt collections company to recover equipment and report it as a debt on the consumer credit reports.
Debt collections doesn't only include cash but equipment and devices too. Here's how to resolve or Avoid a Collections scenario.
Deceptive or misleading collections tactics are strictly forbidden by the Fair Debt Practices Collections Act (FDCPA). The terms "deceptive or misleading", however, can be challenged if not defined. Some consumers have sued collectors for attempting to deceive them or coercing them to pay debts they do not actual owe. In a few recent cases, the letterhead made the debtor feel coerced or tricked into paying. What do the courts have to say about this?
How does letterhead make a difference in debt collections?
With credit card debt in America inching closer to $1 trillion, more consumers than ever are facing low or falling credit scores. For some, tax season means the possibility of a tax refund. While it's tempting for consumers to consider all the ways to spend the bonus influx of cash, a tax refund is a great way to begin paying down debt. In order to encourage your customers to use their refunds wisely, let's examine the effects of debt and what it could mean for your customers.
Why should your customers use their tax refund to pay down their debt?
Typically the phrase "debt collector" causes a terrifying shudder among most consumers. We know that debt collectors, in general, get a bad reputation for being rude, abusive or even heartless when attempting to collect. Ouch. As a debt collections agency, we prefer to treat people the way we'd like to be treated. We also like to keep things positive. And no, this isn't an April Fool's joke.
Believe it or not, there are some debt collections stories that aren't so bad.
Topics: Debt Collection
Property managers and landlords would probably admit that the worst part of the job is collecting past due rent. Some property managers give up too soon believing that it's hopeless to try to collect. In fact, there are many options to pursue, including these 7 tips on tenant debt collection, before hiring a debt collections agency. With the proper documentation, a little effort and the selection of the right collections agency, property managers can recover past due rent successfully.
When property managers implement a streamlined rent collection process and expectations are outlined in the lease agreement, rent payments are typically made on time. Those payments that are delayed or remain unpaid can be especially trying to a landlord. Fortunately, a past due or unpaid rent bill doesn't have to be the end of the process. Property managers do have options.