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What is the difference between credit collection and debt collection?

Posted on 10 August 2018 | 4:15 pm by

Credit collection is the normal internal accounts receivable process for dealing with debtors “on account”. Typically up to 3 payment cycles of an invoice being due is internal. Debt collection is typically when a delinquent balance owed by a debtor is passed over to a third party.With my debt collection agency, we call Credit collections 1st party collections and we call Dent collections 3rd party.Debt Collection laws have not kept up with technology. In 1st party (credit collection) we can email or text a debtor about outstanding debt within Fair Debt Collection Act. 3rd party these newer methods of communication with a debtor is not available to a debt collection agency.

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