In the field of creditors vs. debtors, it can seem a little one sided. If you are a big company there are limitless resources to locate both a debtor and their assets. However, this isn’t the case for most small businesses. If you are a small business, or if you are owed a personal debt and you cannot spend your resources on private investigation or pre and post judgment proceedings, you may know all too well the cost to get a judgment against the debtor can be too high. Further, more often than not, the fight is not over once a judgment is obtained, costing you more time and money.
There are ways to bring payments in without litigation or post judgment proceedings. Reporting a debt on someone’s credit report can be a cost effective way to alert them of the debt and an extra incentive to clear up the obligation. The number of people that check their credit score at least once a year has been rising since 2011. A credit score affects the rate someone pays on many different things, from mortgages to renter’s insurance to auto loans. These reports show details about the debts being reported to the credit bureaus including the name of who is collecting on the account, the name of the original creditor, and the amount due for the debt.
If you have debt and you are unfamiliar with the process of collecting, do not hesitate to contact the attorneys at the Rosenberg Law Group! We will be happy to review your case with you and consult about your options to help acquire you what you deserve.