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Debt Collection Software

Bad checks, bad debts, and bankruptcies are on the rise. Collecting debts may be almost impossible if you don’t take the necessary precautions. On the other side of the coin, knowing your credit rights, where to obtain financing, and what collateral to use will increase your chances of obtaining a loan. Because many small business people often use their personal credit to get their operation off the ground, the information here will discuss consumer credit concerns.

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Latitude Software is a powerful collection system designed for the debt collection and recovery industry, including support for legal, debt buyer and outsourcing.

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Collect automates and streamlines collection, administration, reporting, letter writing and accounting functions, giving you the results you need.

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The Top Ten Danger Areas

The top ten danger areas leading to statutory damages, actual damages, attorney fees, and punitive damages for violating consumers’ rights are the following:

• 1. Requiring a spouse to cosign a loan in violation of the Equal Credit Opportunity Law.
• 2. Pursuing collection efforts, lawsuits, garnishments, or repossessions in violation of a bankruptcy stay or discharge.
• 3.Failure of a credit bureau to prevent the same error from recurring in a consumer’s file in violation of the Fair Credit Reporting Act.
• 4. Attorneys allowing debt collectors to use their names in collection letters without first adequately reviewing the debtor’s file in violation of the Fair Debt Collection Practices Act.
• 5. New loans and second mortgages for debt consolidation or home repairs with outrageous terms.
• 6. Sellers raising the cash price and implementing hidden finance charges for high- risk debtors in violation of the Truth in Lending Act and state credit statutes.
• 7. Car lessors withholding interest on security deposits or improperly disclosing early termination penalties, purchase options, trade-ins, taxes, or warranties in violation of the Consumer Leasing Act.
• 8. Faulty notice of or commercially unreasonable auto repossession sales.
• 9. Used car sales involving reset odometers, salvaged vehicles or “lemon” laundering.
• 10. Consumer contracts providing that a lease, future service contract, or other transaction can’t be canceled or that a dealer is not subject to the oral promises of its employees.

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