Creditors need to be careful about following privacy laws when collecting debts. These laws are in place to protect consumers' personal information and avoid legal issues. Knowing the key rules around privacy in debt collection helps creditors stay within the law and...
Collections
What do you do when a customer won’t pay?
According to data from the U.S. Bureau of Labor Statistics, only 70 percent of businesses with employees will make it through their first two years of business. Regardless of how long a business has been around, maintaining a margin of profitability is always hard....
What rights do you have to collect on debts as a small business owner?
As a Rhode Island business owner, you know that sometimes client accounts go unpaid. While you have the right to collect on these debts, you must do so under the terms of the state's Fair Debt Collection Practices Act. Review the basics of this state law so you can...
What should you do if a debt collector sues you?
Amid the current public health crisis, more than 40 million Americans have filed for unemployment. With so many people in financial hardship, debt-collection lawsuits are likely to become even more prevalent in the months—potentially years—to come. How common is it to...
The 3 types of late paying customers
Only around 70% of new businesses with employees make it through the first two years, according to recent data from the U.S. Bureau of Labor Statistics. As a business owner, you know how difficult it is to maintain profitability regardless of the age of your...
What to do when a customer refuses to pay you
When you work for a small business, most of your customers will pay you for your services on time. Yet a small subset of your clientele will either delay payment or try evading it altogether. While their debts may seem insubstantial, they can have a significant effect...
