If a consumer uses credit cards, owes money on a personal loan, or is paying on a home mortgage, she is a "debtor." If a consumer falls behind in repaying her creditors, or an error is made on her accounts, she may be contacted by a "debt collector." As a business owner you should know that in either situation the Fair Debt Collection Practices Act requires that debt collectors treat the consumer fairly by prohibiting certain methods of debt collection.
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Once a business understands the aging of Accounts Receivable and Accounts Payable, it is easier to understand other aspects of collection.
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