If your business is facing tough times, a collection agency may be contacting you to collect unpaid debts. Contact can be in the form of letters or a phone call. What is the worst thing to do? Ignoring a debt collector who is contacting you. The agency can report the delinquency and it will show up on your credit report, lowering your much-needed good commercial credit score. By contacting the agency, you can speak to a representative that can send you a report and give you information about the debt.
If you believe that the debt is not yours, or an incorrect amount, you can dispute the debt. This is why it’s important to keep organized records of all financial transactions. If the debt is valid, you can possibly negotiate a lower amount.
Unfortunately, business debtors do not enjoy the same protections as consumer debtors. With business debt, you are not entitled to the same exemptions in the debt collection process. This leaves a struggling business at risk which can be fatal. Business debt collectors can be more aggressive in collection efforts than personal debt collectors. This is where American Finasco can step in and help.
American Finasco can deal with these collection agencies while you stay focused on your business. We provide strategies and take the pressure off business owners who are having a hard time managing their debt. The first step when dealing with creditors is a phone call to American Finasco. We provide our clients with effective solutions for business debt relief.