The impact of COVID-19 has painfully affected small business owners. Debt collectors are taking action. Although creditors are being urged to work constructively with debtors, they will sometimes act aggressively. Ultimately, the best thing you can do is pay off any debt and move on. But lately, through these trying times, that has been easier said than done. Many small business owners have had no choice but to miss a payment, or two, or more.
Receiving a note from a collection agency is never a good thing. You still must protect your business and credit score. That is why it is so imperative to make your payments on time. Collections can linger on your credit report for up to 7 years. If you are a growing small business, this can be damaging. Especially if you find your business growing and need to access capital.
Because of the pandemic, things have changed. Businesses are struggling, but you must know your rights. Even though debt collectors are stepping up their game, some states are limiting what collectors can do throughout this emergency.
Take Action with American Finasco. If collection calls become too overwhelming, the best thing you can do is call us today. American Finasco has several options to reduce your commercial debt which allows you to 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 effective solutions for business debt relief. Contact us today to get your business on the right track! Visit Contact Us and complete our Online Form for a free consultation or call (800) 299-2909. We look forward to speaking with you.