A Guide To The Collection Agency Surety Bond

Without a surety bond, many businesses cannot lawfully operate in their company. These bonds act as risk-mitigation accessories that work more like credit rather than insurance. Many times, surety bonds are three-party accords involving a business, a customer and a surety agency. In the situation that the association cannot achieve its designated or contracted jobs, the person is secured from financial disaster.

$500,000 Awarded To California Couple In FDCPA Case

Last month, Manuel and Luz Fausto won one of the biggest collection awards documented in the last couple of years under the Fair Debt Collection Practices Act (FDCPA) against Credigy Services Corporation. A California jury awarded the Faustos $500,000 in damages derived from harassment by Credigy collectors. Of the sum, granted $100,000 was for actual damages the Faustos experienced, while $400,000 was in punitive damages, granted for malicious and reckless disregard of the couples rights. According to one of the Faustos lawyers, David Humphreys of Humphreys Wallace Humphreys, P.C., and the case derived from a debt on a Wells Fargo charge card opened in 1992.

Some Laws You Should Know Before You Do Your Taxes

In the present day’s recession the changes seem massive. Just last year a number of tax laws were written to bail us out of dire situations. These are a few new tax laws that you should know about.

Two Powerful Prosecutors Go After Debt Collection Agencies

In recent news it was revealed that top legal prosecutors in Louisiana and Washington made announcements of actions they had taken against accounts receivable management firms and their owners and managers.

Bad Debt- Getting That Monkey Off Your Back

Bad debt can feel like a monkey on your back. It’s always on your mind, and sometimes the stress can be crippling. You may be able to take solace in the fact that you are not alone. There are thousands of people just like you in the United States that are going through the exact problems.

Super Bowl Scams Have Arrived

Keep an eye out if you are trying to purchase tickets to Colts-Saints game. Criminals love to take advantage of the fans. Travel ploys in all types of shapes and sizes come out of the woodwork whenever there is a landmark sporting event.

Irish Gang Starts “Bill Collection Agency”

And you thought your bill collector was bad. In recent news it has been revealed that a gangland boss in Ireland has taken on a new career – debt collection. This criminal mastermind has been associated with twelve deaths; a threat even more serious than a collections letter.

Respecting Privacy

It is imperitive that debt collectors respect your privacy. According to the Fair Debt Collection Practice Act, collection agencies cannot exchange information about debtors. They can’t send out a list of people who owe money to its creditor subscribers. They cannot advertise a debt for sale, or compile a list of debtors to its creditor subscribers.

Collection Agencies 101

If the person in debt agrees to pay, the bill collector will record this commitment and will check up later to make sure that the payment was made. If a debtor does not pay, the collector will draw up a statement about their delinquency for the credit department of whatever company they are working for. In extreme cases, debt collectors may request repossession, hand over the account to a lawyer or disconnect service.

Ask Doctor Debt Intends To Enlighten The Public On Financial Literacy And Debt Collections

It is about time that someone stepped up in a venture to instruct the public on legal debt collection practices and general financial literacy. With a countless amount of bogus debt collectors throughout the United States preying on unsuspicious consumers, Ask Doctor Debt serves to fix this ever growing situation by giving consumers an outlet in which to ask questions in regards to their rights and any and all debt related questions.

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