August 17, 2007, Newsletter Issue #101: Sizes of Collection Agencies

Tip of the Week

Debt collection agencies come in all sizes. However, larger agencies are better able to est up tape-to-tape transfers with their clients and are well situated for dealing with large-volume operations, like banks, hospitals and mortgage companies. It's currently becoming more and more difficult for debtors to hide. Some fascinating collection agency facts include that thanks to highly personalized account files and computer chips imbedded in debit and credit cards, skip-tracing (locating someone who has left town) is not as difficult as it was just a few years ago. However, certain states remain debtor's havens due to their collection laws (like Florida and Texas), so merely finding someone does not guarantee that a payment will be forthcoming. Besides, no matter where a debtor is living, it still may be possible to conceal funds in offshore accounts.

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