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.

business credit card collections

Debt Collections on Business Credit Cards

There are state-specific regulations in place for business credit card collections in Arkansas. Consider hiring a debt collection attorney to navigate the legal process for your business.

Consumer credit card collections in Arkansas allow businesses to take action through wage garnishments, property liens, and bank account garnishments. But what if the debt owed was accrued by a business with several authorized employees contributing to the total balance? Accounts receivable become complicated when there are multiple responsible parties and none of them are connected by name to the debt.