The Process Followed By A Debt Collection Agency NYC

The Complexity Of The Issue

Owing your debt to a debt collection agency NYC will make matter even complex and will see more laws and rules come into the fore. The debt collection agencies will always be more aggressive than the original lenders and will take all legal steps to make you repay the debt which they bought from your original creditor. They have a lot of methods in which they can procure money even from the stringent of defaulters. 

Verify Your Debt

Whatever be the type of debt collection agency NYC, as soon as you receive the call from them you should verify the debt first. There may be times when you will see that the debt amount mentioned to you may be higher than what you actually owe. There may be a few cases when you receive a call from a debt collection agent but you do not have any debt as per your knowledge. In such situations, you must get it verified and settled with the help of debt collection arbitration.   

Types Of Agencies

Debts can be of different types and for each there can be a specific collection agency as well. Usually debt collection agencies works for all types of debts but there may be some specialised ones a swell like the medical collections agency who collect only outstanding medical bills for their clients or as a third party. There may be also judgement collection agency as well who are specialised in judicial matters. But most of the commercial debt collection agencies have a wide and extensive area of operations and service. 

The Written Notice  

You will also receive a notice about the debt from the debt collection agency within five days after the first contact has been made. This is mandatory for the agency and in it all the details of the debt is mentioned including the name of the creditor and the amount owed. It is therefore, always advised that you settle your debt or at least show your positive intent to the original creditor before it is sold to the debt collection agencies.

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