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Best Practices

Techniques Used for Recovery of Debt

Techniques Used for Recovery of Debt

When dealing with debt, you are bound to run into defaults -- 20 percent of student loans are more than 90 days late, according to the U.S. Department ofEducation. Debt recovery tactics can increase payment rates, but could also violate the law.
Warning
# Before forming a debt recovery strategy, you should review the Fair Debt Collections Practices Act, according to the Federal Trade Commission. Harassment and misrepresenting yourself are both illegal, and you could incur a $1,000 fine for each violation.

Tip
# DebtCollectionSteps.com recommends that businesses consider revising repayment terms. Shortening the repayment period could motivate people to pay sooner or put more people in delinquency. Remind people of their past due accounts, but do not use threatening language. This also gives you a record of notices if you pursue legal action.
Prevention
# The best recovery technique is to avoid unreliable payers. Entrepreneur.com suggests pulling a credit check on anyone who requests credit with you.
 

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