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Your business has a number of outstanding payments from customers. You’re ready to take matters into your own hands and convince those customers to pay what they owe you. 

Before you pick up the phone, you should know that debt collection is a delicate process. If you don’t know what you’re doing, you could stumble into a serious mistake–or several of them. 

Common Mistakes Businesses Make in DIY Debt Collection

Credit: Ivan Samkov via Pexels 

1. Violating the Fair Debt Collection Practices Act (FDCPA)

If you’re not careful with your debt collection efforts, you could accidentally violate the Fair Debt Collection Practices Act (FDCPA). The FDCPA is a federal law that sets clear guidelines for how companies can interact with debtors. Violating this law could land your business with a fine or a lawsuit. 

Violating the FDCPA is an all-too-common problem. The Consumer Financial Protection Bureau’s annual report on the FDCPA stated that the bureau received approximately 109,900 debt collection complaints from consumers in 2023 alone. The complaints covered violations like attempting to collect debts that aren’t owed, threatening negative action or making frequent calls. 

When you’re not well-acquainted with all of the rules of the FDCPA, it’s easy to accidentally break those rules.

2. Failing to Keep Documents

Paperwork is very important when it comes to debt collection. When you don’t have proof of payment requests and customer communication, your business is more vulnerable to disputes over debts. You need to have a clear paper trail.

3. Using Aggressive Communication

Not getting paid can be very frustrating, but you still have to be calm and professional when reaching out to customers who have yet… Read More

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