debt collection regulation

The Importance of Laws and Regulations in Debt Collection

Are you properly protecting your business from lawsuits and debt collection scams? You may have made sure that your accounts receivables department operates within the law, but you also need to make sure any outside services you use are fully prepared to remain compliant with laws and regulations. The importance of this cannot be stated enough, and any debt collection agency that is unclear about compliance should be avoided.

Regulations vary by area, and it is important to do your research before hiring a collection agency. Ask the agency if they are licensed (if required by your state), if they can pursue debt collection cases over state and country lines, and what kind of legal counsel they have available. While lawsuits over debt collection cases are rare, it is always worth it to be prepared and partner with collection agencies that reduce your liability as much as possible.

Rapid Recovery Solution employs in-house attorneys and a network of legal professionals to ensure compliance with legal codes in every U.S. States and many countries. Contact RRS or explore the website to discover more about how debt collection can be risk-free.