+- US Arbitration Corp. (https://forum.usarbitrationcorp.com)
+-- Forum: US Arbitration Corp (https://forum.usarbitrationcorp.com/forumdisplay.php?fid=3)
+--- Forum: Arbitration information (https://forum.usarbitrationcorp.com/forumdisplay.php?fid=5)
+--- Thread: ROLE OF ARBITRATION IN DEBT RECOVERY (/showthread.php?tid=74)
ROLE OF ARBITRATION IN DEBT RECOVERY - Nerine - 05-26-2021
ROLE OF ARBITRATION IN DEBT RECOVERY
What is Debt Recovery?
is the contract you signed with the original creditor which allows them to recover money for a loan after your account has defaulted. The creditor hires a third party, known as a collection service, to focus on collecting the past due amount owed. Debt recovery is important because it is directly correlated that is linked to your credit score.
Arbitration is the procedure that is used for the recovery of bad debts. Many people get into contracts and fail to understand about the arbitration procedure and end up being a miser. To avoid this situation here are some advantages & disadvantages of having an arbitration clause in your contract agreement, how it is invoked, and how it works. If your credit contracts require that disputes if any arise will go through arbitration, debt collectors can begin that process to try to collect the debt.
Click for the full article: https://www.centrik.in/blogs/role-of-arbitration-in-debt-recovery/