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When your business is in debt recovery, following the provisions of the Fair Debt Collection Practices Act can guard your company’s reputation. Reputation is important in the world of business and even more so when you are asking others to trust you with their capital. The FDCPA protects those who are in debt as well as those charged with debt recovery. A positive Better Business Bureau rating is the first way that those working in debt recovery can maintain their strong reputation, but there is more that can be done to protect your name as a trusted financial business partner. Adherence to FDCPA guidelines will ensure that all of your practices are irreproachable. FDCPA stipulates that debt recovery agents may not use the phone in order to harass a person with continual collection calls. Debt recovery calls may only be placed between the hours of 8a.m and 9p.m. At no time may the person seeking to collect imply that he/she is associated with a government agency or has been bonded by the U.S. government. The FDCPA prohibits debt recovery agents from using threats to improve collections. The person in debt may opt to engage a third party representative to be their contact person. The debtor him/herself or their third party representative can choose to terminate communication with the recovery agent at any time and their decision to do so must be honored. One final call is permitted to the recovery agent for purposes of clarification and warning of potential remedies which may be pursued under FDCPA regulations. Reputable recovery efforts are harmed by false debt collectors who employ threatening tactics such as continual calling, use of threats and false representation as government agents. When this happens, the indebted party is within their legal rights to place a call to the bank and register a fraud report which will prevent any monies from being transferred to unknown recipients. Even if the caller works for a legitimate agency, harassed debtors may lodge a complaint for harsh treatment. Unfortunately, according to the BBB, such practices have been on the rise making it all the more important for reputable agencies to guard against any actions which might stain their trademark. Following FDCPA guidelines will prevent reputable debt recovery efforts from being tarnished by association with fake collectors or scam artists. Debt recovery can be achieved through partnership with businesses like Universal Guardian Acceptance which provide access to collaborative resources and honors the standards set forth by the FDCPA.
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