GDPR & receivables management
How does eCollect process data according to the new GDPR? With regard to the new European General Data Protection Regulation (EU -GDPR), which comes into force on 25 May 2018, eCollect AG in its capacity as a debt collection service provider is acting as a data controller in its relationship with its clients within the meaning of the GDPR. Receivables management by eCollect AG as data controller in the sense of the new GDPR.
Right to be forgotten UK
Data processing and the right to be forgotten in the context of the new European data protection regulation If an outstanding claim is not paid, the creditor has the right to authorise a debt collection agency to enforce the claim. In order to collect outstanding debts, personal data is transferred to eCollect AG by our clients and processed by our employees. The data processing is based on the current state of legislation.
Bad debt Collection
Bad debt collection Collection of bad debt referres to the whole recovery process of default payments and past-due debts, marked by the creditor as uncollectible. It is described as an attempt to secure a full payment from the debtor on behalf of the original creditor. Debt recovery can be carried out either by a licensed DCA (Debt Collection Agency) or by a financial subdivision within creditor’s corporation. Debt collection is considered as an income and potential profit for the creditor.
Bad debt recovery
What is bad debt recovery? Bad debt recovery represents different loans and delinquent payments, deriving from past-due consumer and commercial debts. Bad debts are usually connected with a loss, when they are marked as written-off in creditor’s system. Logically, debt recovery is marked as a positive income, and increase of cash flow in lender’s organisation. Default recovery can be provided by a standard debt collection agency, or performed by debt buyers, when they become the new debt owners.
Bill collector A bill collector is the person who recovers defaults or late payments from a second party, i.e. the subject of debt; and on behalf of a first party, i.e. the original creditor. Such recovery agents track and contact the debtors in order to inform them of a past-due debt. They target to collect the full debt amount, using lawful and ethical pre-legal and legal methods and tools. Bill collectors process their actions and authorities under different acts and regulations, e.
Business collection agency
Business collection agency A business collection agency recovers commercial debts, where the debtor is not an individual, but a business company. Such agency collects unsecured business loans, corporate delinquent payments, etc. Generally, the commercial debt recovery is known as B2B or business-to-business collection, where there are two commercial parties- the consumer and the creditor, and they both represent business organisations. A business recovery agency acts in favour of the lender and it can be either separate, private DCA (Debt Collection Agency) or can be a segment of creditor’s finance sections (first-party debt recovery agency).
Business debt collection
Business debt collection Business debt collection refers to commercial recovery of delinquent payments, where both the creditor and the debtor are business organisations. Commercial debt collection is performed by specialised debt collection agencies (DCAs), providing debt recovery either on local or international level. Business debt recovery is more complicated process than the consumer debt recovery, as the B2B (“business-to-business”) collection is connected with larger loans, which can reach millions per each business debtor.
Business debt collection laws
Business debt collection laws Business debt collection laws are legal statutes, which protect businesses in debt against unfair debt recovery practices and vindicate creditors’ and collection agents’ rights during the recovery process. Such laws also regulate and control DCAs’ (Debt Collection Agencies) activities and proceedings throughout the collection process. Commercial debt collection laws generally cover all acts and regulations that apply for business-to-business recovery of bad debts. A business debt is also familiar under the term commercial or corporate debt.
Business debt recovery
Business debt recovery Business debt recovery classifies a commercial debt collection process provided by a DCA (Debt Collection Agency) or by an internal creditor’s department. The whole procedure is characterised with implementing various collection methods and strategies to recover debt amounts on behalf of the original lender. In the corporate debt recovery both creditor and consumer (debtor) are business organisations. Commercial collection agencies specialise mainly in recovery of delinquent or late payments.
Clear debt To clear debt is the procedure of repaying past-due monetary obligations by a subject of debt towards a creditor. The course enlists different reimbursement techniques, which involve changes in the debt agreement conditions, decrease of monthly fees or interest, etc. Special debt management companies or various debt help organisations can be involved in the clear debt process, participating at debtor’s request. This occurs, when a lender pursues his late payments from the consumer but he is not averse to change the contract conditions in order to assist the indebted subject.