Bohemia, NY (PRWEB) February 02, 2013
On February 2, 2013, Rapid Recovery Solution, an accounts receivable collection agency, offers their thoughts following a Fox Business article about ways to understand the debt collection process.
The Fox Business article, written by Steve Bucci, responds to a concerned debtor’s questions regarding debt collection. In the article, the debtor mentions that, as part of his divorce, he had agreed to pay off some of his ex-wife’s debts. According to the article, the debtor is now struggling to pay because the original debt holder has sold the account.
Following his inquiry, the article offers advice. “As a debt ages it gets sold to more and more collectors for less and less than the original amount owed. Before you pay anyone, you need to verify the debt belongs to you as well as who currently owns your old tab. The Fair Debt Collection Practices Act details how debt collections must be carried out. Section 809 deals specifically with validation of debts.”
According to the article, within five days after contacting a debtor the collector must provide various facts about the debt. This information includes how much debt is owed and the creditor to whom the debt must be paid.
John Monderine, the CEO of accounts receivable collection agency Rapid Recovery Solution, affirms the importance of understanding your rights when dealing with debt. “By knowing your rights,” says Monderine, “you’ll be able to pay off your debts as easily and quickly as possible.”
Founded in 2006, RRS Collection Agency is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.