debt collection terminology, debt collection glossary

The Terms a Debt Collection Attorney Uses and What They Mean

The world of debt collections is fraught with unfamiliar terms and phrases. Reading up on common debt collection terminology will help you communicate with your attorney more efficiently.

Businesses often turn to a debt collection attorney to help collect on outstanding accounts receivable. If your business needs help with out-of-control unpaid invoices, do not let unfamiliar terminology paralyze you. This debt collection glossary will help you understand the most important terms and phrases that you and your debt collection attorney may discuss:

debt collection scams, phantom debt collectors

“Is it a Scam?” How to Identify a True Debt Collection Call

According to a 2014 federal survey, harassment from phantom debt collectors is the second most complained-about financial problem reported by consumers, following identity theft.

If you are contacted about a debt that is not yours, you may be the target of a debt collection scam. Phantom debt collectors – so called because they are difficult to track—are scammers. Scammers try to obtain large payments and financial information from you by posing as legitimate creditors. Protect yourself and your financial security by learning how to spot and avoid these debt collection scammers.

Debt collection in Arkansas

Five Tips for Banks and Financial Institutions on Hiring a Debt Collection Attorney

After falling behind on loan payments, delinquent Arkansas business owners and consumers with outstanding debts may find themselves speaking to a debt collection attorney who represents banks and financial institutions.   Debt collection in Arkansas for banks and financial institutions revolves around two primary options, debt collection agencies and debt collection attorneys. Unlike debt collection…