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In the first three parts of this series I wrote about collections accounts, described how sending unpaid accounts out to an agency helps out a creditor, and described the practice of selling an old debt to a third party collection agency. I spoke about the type of information that a collection company will obtain to utilize in their efforts, and the type of laws that third party collection agencies must follow. I described illegal and legal tactics that debt collection agencies use to collect.

Individual debt collectors are handed a portfolio of accounts, and most of their workday, every day, will be spent working them. Bill collectors are subject to frequent performance evaluations and the bulk of their money is earned from personal commission payments. Thus, the size of a debt collector’s paycheck depends on how successful he or she is at collecting from debtors. This factor, coupled with relentless confrontations with angry and sensitive debtors, makes for an extremely high stress job with high employee turnover.

In the last article in this series I wrote about how long different marks remain on your credit report. I mentioned that mistakes will be removed immediately, soft inquiries will have no effect, and hard inquiries can hang around on your credit report for two years. Late payments have the capacity to do way more damage.

In parts one through three of my primer course on stocks, I said that the stock of the business was the original amount of money that went into founding it. I let you know that companies divide stocks into shares, which can be bought or sold to shareholders, who are people or companies that own one or more shares of stock and therefore “share ownership” of the company. I spoke about stock brokers who are people that will charge you to arrange the purchasing or selling of stock. Now a bit buying and selling stock.

Bankruptcies can hang on your credit report for up to 10 years and can butcher your credit score by hundreds of points. But by using these tactics, you could improve your credit score and become creditworthy several years before the bankruptcy drops off your credit report.

The Fair Debt Collection Practices Act was brought into being to address problems relating to harassing and threatening behavior by some debt collectors. Collection agencies do, however, benefit from this legislation. By acting in a professional manner when attempting to collect debts, collection agencies can avoid possible penalties.

If you’re in the business of issuing credit cards, you assume a certain amount of financial risk. Some customers, if not mindful, can run up large amounts of credit card debt. It is to be expected that some of these same customers will default on their credit card obligations. As a lending institution, you should have systems in place to address and collect this debt owed to you. Failing to do so, your business can suffer great financial losses. It is as simple as that.

Medical billing collections usage is growing, due to many doctors, hospitals and other medical practitioners deal with constantly growing past due delinquencies, as a result of slow and non-paying patient accounts, as well as back-logged insurance claims.