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The Bureaus Inc – Debt Collection

Directory >> USA >> Illinois >> Northbrook >> The Bureaus Inc

The Bureaus, Inc. services accounts receivable portfolios, providing clients with the analytical tools and resources to manage accounts and recover debt.

 Address:
650 Dundee Rd, Suite 370
Northbrook, IL 60062

Phone:
877-887-4824
847-328-4300

Email:
info@thebureaus.com

Website:
www.thebureaus.com

Source of information / References:
www.thebureaus.com/contact/
www.thebureaus.com

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Benefits of Reporting a Bad Debt to Credit Bureaus

Credit reporting should not be used as a revenge tool or a threat; it is against the debt collection laws. But a creditor whose account becomes seriously past due has the legal right to report the account to Credit Bureaus if he has adequate proof regarding the authenticity of the debt. The top three Credit Bureaus of the USA are Equifax, Transunion and Experian.

Most small businesses do not do Credit reporting themself. When the account is 30 days or more past due, they forward the account to a debt collection agency.

A Collection Agency can report the account to Credit Bureaus after their debt collection efforts have failed and the original creditor wishes to report this delinquency on the debtor’s Credit History report. This entry can stay on the debtor’s credit report for up to 7 years.

There are several laws around Credit Bureau Reporting since it adversely impacts the credit history of debtors or patients. According to the Fair Credit Reporting Act (FCRA), all accounts reported after September 15, 2017, should have Full Name, Address, Full SSN and Full Date of birth. Since collection agencies use skip-tracing services and may also have access to debtor credit reports, they can usually find one or more missing information by reverse lookup using the Debtor’s SSN. For example – if the debtor’s DOB is missing, then a collection agency can find it using the debtor’s SSN.

Although Credit Reporting is a powerful tool, it should be used judiciously. A debtor has his own consumer rights. If an entry has been reported incorrectly to the Credit Bureaus, the debtor can dispute it. In extreme cases, the debtor may even file a lawsuit if corrective actions are not taken on time. If the creditor cannot verify any information, the consumer reporting agency is responsible for removing it. It is better to continue working with the debtor to recover the money than to instruct the collection agency to report the matter to Credit Bureaus at the earliest opportunity.

Benefits of Credit Reporting

Reporting a  debt to Credit Bureaus has some benefits.

1. It indicates to the debtor that you are serious about recovering your money.

2. If you sue the debtor in court, your attorney can tell the judge that despite all efforts, like making calls and credit reporting, the debtor has not paid. Your case can potentially become stronger.

3. Since millions of Americans check their free credit report annually on annualcreditreport.com, it reduces the chances of mistakes and fraud if there has been a credit reporting error by the original creditor or the collections agency. These issues require immediate attention and must be rectified promptly.

4. If a consumer is aware that you do not hesitate to report genuine cases of unpaid bills to Credit Bureaus, it will reduce the occurrence of late payments and defaults.

5. Not just the bad debts, if you report debts paid in time (like car loans, credit card loans, etc), then it motivates the client to make payments promptly because it helps them to establish good credit.

6. Debtors can sometimes agree to pay in exchange for the entry to be removed from his credit history report. However, this approach is not recommended.

Opening an account with a credit bureau has other benefits too. It allows original creditors to check the credit ratings of their prospective clients and for the collection agencies, it helps to compute the probability of getting paid.

Disadvantages of Credit Reporting

1. Once an account has been reported, the debtor’s worst nightmare has come true. He thinks, “Now what? Or What worse can happen?“. The debtor loses the fear as the worse that could have happened to his credit history report has already happened. Credit Bureau reporting as a negotiating tool is off the table now.

2. Incorrect reporting ( incorrect amount or other mistakes ) can have legal repercussions. Not many, but a few debtors may sue back the creditor or the collection agency for damages.

3. Medical debts, once paid off, should be removed from the credit report. This creates more work for the collection agency.

Responsibilities of Original Creditors towards their Collection Agency:
– Inform your collection agency of any payments received promptly
– Inform of any disputes or bankruptcies immediately
– Provide substantiation of all debts assigned at the time of placement or as requested
– Always accurately report the balance and the status of the account

If you are looking for a debt collection agency that can work on your accounts receivable in a cost-effective way; even report your unpaid accounts to credit bureaus if you request them, Contact Us

Collection Agencies in Massachusetts

Directory >> USA >> Massachusetts

List of collection agencies in Massachusetts

If you need a cost-effective debt collection agency fully licensed to recover medical or small business debt in Massachusetts: Contact us

Debt Collection Laws in Massachusetts

Here are some relevant federal and state laws that were in effect as of 2021:

  1. Fair Debt Collection Practices Act (FDCPA): This federal law protects consumers from abusive, deceptive, or unfair debt collection practices. It sets limitations on when and how debt collectors can contact consumers and gives consumers the right to dispute debts and obtain information about the debts.
  2. Fair Credit Reporting Act (FCRA): Another federal law, the FCRA regulates the collection and use of consumer credit information. It provides consumers the right to access their credit reports and to dispute any inaccuracies.
  3. Massachusetts Fair Debt Collection Practices Act (MFDCPA): Massachusetts has its own debt collection regulations (940 CMR 7.00), which extend the protections of the FDCPA to creditors collecting their own debts. The state regulations also contain specific rules on when and how debt collectors can contact consumers.
  4. Statute of Limitations in Massachusetts: In Massachusetts, there is a time limit for when creditors can sue consumers for unpaid debts. As of 2021, the statute of limitations for contracts was six years, and this usually applies to most consumer debts.
  5. Massachusetts Garnishment Laws: If a creditor obtains a court judgment against a debtor in Massachusetts, they can garnish the debtor’s wages. Massachusetts law limits the amount that can be garnished to the lesser of 15% of the debtor’s gross earnings or the amount by which the debtor’s weekly earnings exceed 50 times the federal minimum wage.
  6. Exemptions in Massachusetts: Massachusetts has laws that protect certain types of property from being taken by creditors to satisfy a debt judgment. These include a homestead exemption, personal property exemptions, and exemptions for certain types of income and benefits.
  7. Licensing Requirements: Collection agencies operating in Massachusetts must be licensed and bonded. Licensing is regulated by the Massachusetts Division of Banks.
  8. Notification Requirements: Debt collectors in Massachusetts must provide a written notice within five days of the initial communication, containing information about the debt, the name of the creditor, and informing the consumer of their right to dispute the debt.
  9. Communication Restrictions: Massachusetts law prohibits debt collectors from contacting consumers by phone for the purpose of debt collection more than two times in a seven-day period for each debt.

Please make sure to verify the most current legal information or consult an attorney or legal expert with expertise in debt collection laws in Massachusetts for the most up-to-date details on debt collection laws in the state.

A complete list of FDCPA federal laws to be followed by all collection agencies in USA are listed here: US Debt collection laws

  • Average Consumer Debt in Massachusetts: 116K
  • Average federal and private student loan debt: $32K.
  • Average resident Credit card debt: $4K
  • Average mortgage balance: 261K
  • Total population of MA: 6.9 million

Unpaid medical bills weigh in less on your credit score versus other debts and cannot be reported before 180 days to the bureaus.

Search Collection Agencies in Illinois| Debt Collection Laws

Directory >> USA >> Illinois 

Need a good collection agency? Contact us

List of collection agencies in Illinois.

Debt Collection Laws in Illinois

Here are some relevant federal and state laws that were in effect as of 2021:

  1. Fair Debt Collection Practices Act (FDCPA): This federal law protects consumers from abusive, deceptive, or unfair debt collection practices. It sets limitations on when and how debt collectors can contact consumers and provides consumers with rights to dispute debts and obtain information about the debts.
  2. Fair Credit Reporting Act (FCRA): Another federal law, the FCRA regulates the collection and use of consumer credit information. It provides consumers the right to access their credit reports and to dispute any inaccuracies.
  3. Illinois Collection Agency Act: The Illinois Collection Agency Act regulates the practices of collection agencies within the state. The Act requires collection agencies to be licensed, and it prohibits certain conduct, such as using abusive language, misrepresenting the amount owed, or communicating with debtors at inconvenient times or places.
  4. Illinois Consumer Fraud and Deceptive Business Practices Act: This law provides additional protections against deceptive and unfair practices by debt collectors, including the prohibition of false or misleading representations and the use of unfair practices.
  5. Statute of Limitations in Illinois: In Illinois, there is a time limit for when creditors can sue consumers for unpaid debts. As of 2021, the statute of limitations for written contracts was 10 years, and for open-ended accounts such as credit cards, it was 5 years.
  6. Illinois Wage Garnishment Laws: If a creditor obtains a court judgment against a debtor in Illinois, they can garnish the debtor’s wages. However, Illinois law limits the amount that can be garnished to the lesser of 15% of gross weekly wages or the amount by which disposable earnings exceed 45 times the federal minimum wage.
  7. Exemptions in Illinois: Illinois has laws that protect certain types of property from being taken by creditors to satisfy a debt judgment. These include a homestead exemption, personal property exemptions, and exemptions for certain types of income and benefits.
  8. Health Care Services Debt Collections: Illinois has specific laws related to the collection of medical debt, including requirements for hospitals to provide financial assistance to certain patients before engaging in collection activities.

Please make sure to verify the most current legal information or consult an attorney or legal advisor with expertise in debt collection laws in Illinois for the most up-to-date details on debt collection laws in the state.

A complete list of federal laws to be followed by all collection agencies in USA is listed here: Debt collection laws 

Illinois Debt Statistics

  • In Illinois, consumers owed $58  billion in student loan debt. Average Student Loan in Illinois in 2019: $28.5K.
  • The average mortgage debt in Illinois is $179K.
  • The average credit card debt in Illinois is about $6400
  • Illinois consumers have an average credit score of 683

Illinois Geographical Stats

  • Population of Illinois: 12.9 million (year 2018)
  • Number of millionaires: 300K  ( year 2018)

Find a Collection Agency in USA

Directory >> USA

Following is the list of collection agencies in USA sorted by state.

There are thousands of Debt Collection Agencies in USA. Finding a good Collection Agency with extensive experience in your industry is a daunting task.

✅Contact us and we will promptly connect you to a good collection agency for your industry and based on your state, for free. Nexa has assisted hundreds of businesses, institutions and medical professionals to effectively recover money from their past due accounts.

Your criteria to select the collection agency should be based on performance and not necessarily their cost. An agency that charges 10% more but also recovers 20% more, means you get 10% more money back in your pocket when compared to a lower-priced agency.

Alabama

Alaska

Arizona

Arkansas

California

Colorado

Connecticut

Delaware

Florida

Georgia

Hawaii

Idaho

Illinois

Indiana

Iowa

Kansas

Kentucky

Louisiana

Maine

Maryland

Massachusetts

Michigan

Minnesota

Mississippi

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Nevada

New Hampshire

New Jersey

New Mexico

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North Carolina

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Ohio

Oklahoma

Oregon

Pennsylvania

Rhode Island

South Carolina

South Dakota

Tennessee

Texas

Utah

Virginia

Washington

West Virginia

Wisconsin

Wyoming

(We have most collection agencies listed here, and  keep adding the new ones when we find them. )