9 Industries that Make Use of Debt Collection

Debt Collection is a very convenient method for businesses and institutions to maximize their time in providing their service without the loss of income. Debt collectors can be internal or third-party and shall follow an etiquette in collecting the dues and financial responsibilities of the consumers. They shall be polite, considerate and professional. On the other hand, they also have to abide by their company rules.

Here are some of the industries which utilize debt collection services.

Retail and Service Collections

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Debt collectors can collect due accounts for retail and service businesses. These include businesses of plumbing, electrical, automotive, construction, childcare, grocery, restaurant, funeral and computer shop, among others. Some retailers and businesses provide goods or services without payment, thus, they hire debt collectors to receive the payment of the customers.

Medical Collections

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Many hospitals allow their patients to be treated and discharged without payment or with balance. This is practiced by some hospitals in which they provide healthcare services to everybody regardless of status and financial capability. In this case, debt collectors will collect the dues of the patients. Some medical facilities have their respective debt collectors with custom debt collection programs which enhance the relationship between the hospital and the patients.

Government Collections

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To maximize the government agencies’ time and opportunity to serve more people, they often entrust debt collectors to receive payments rather than in their offices. Debt collectors can collect a multitude of fees, taxes, fines, and assessment to cities, towns, municipalities and counties.

Educational Institution Collections

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Debt collection is also exercised in some schools and universities. They collect past due accounts and outstanding student loans. Debt collectors can also collect tuition fees, miscellaneous fees, and other special fees.

NSF/Returned Check Collections

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This refers to the collection of non-sufficient funds, closed accounts and checks with no signatures. This also includes penalties and fees. The consumer will receive notifications regarding his or her responsibilities to the laws governing the writing of the bad check.

Telcom Collections

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To prevent telecommunication companies to cut or terminate their service to certain customers, they do debt collection to ensure that account holders will be able to pay their dues on time. Debt collection is also done to those terminated or expired account holders with outstanding balances.

Financial Collections

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Banks and other financial corporations usually have their internal debt collectors who go to the account holders and receive payment for loans, credit cards, mortgages and other transactions.

Commercial Collections

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This collection is made from business to business in which debt collectors receive payables from various companies and corporations. This specialized type of debt collection follows a standard to maintain the relationship of the businesses.

Legal Collections

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Lawyers, legal counsels, and judges often use debt collection to their clients. Debt collectors ask for the legal fees before trial or execution of service.

Some consumers are annoyed of debt collectors. But remember, they are only doing their job. Also, think about the many companies that are relying their survival on the fees that you will be paying.