Debt collection is a creditor's attempt to reclaim unpaid consumer credit and loans from a customer. When a loan, such as a credit card amount, goes unpaid, the creditor hires a third party, known as a collection service, to focus on collecting the money. Debt recovery is critical because it immediately affects your credit score. If a debt recovery service contacts you, it indicates there is a record showing you have defaulted on a loan and now have delinquencies. These delinquencies are reported to credit bureaus, lowering your credit score and perhaps jeopardizing future loan possibilities. The debt collection process consists of multiple parts, and it is critical to understand what to expect when approached by a debt recovery agent. Because financial debt may be a difficult position, legislation has been enacted to manage the debt recovery process and protect consumers from harassing debt collection practices.
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