TMCnet - World's Largest Communications and Technology Community



Debt Lookup Makes Debt Collection Process Easier on Consumers

Accounts Receivable Management Featured Article

Debt Lookup Makes Debt Collection Process Easier on Consumers

December 31, 2014
By Steve Anderson
Contributing TMCnet Writer

With the holiday shopping season recently concluded, there will be some out there watching mailboxes for the arrival of the annual credit card bill. That particular shot of debt will likely hit hard enough, but there are others watching for debts of a completely different sort. Regardless, however, of what debts may come with the arrival of the new year, a recent announcement from Global Debt Registry may help manage these by allowing consumers to better check the veracity of a debt collection firm by way of a new tool, Debt Lookup.

Debt Lookup is a free online service, which allows users to access necessary supporting documentation and account ownership details to help ensure that the debt collection firm calling about a debt actually has the right so to do. Going through Debt Lookup actually makes sense for users; those who discover that the collection agency calling actually doesn't have the right to make that call can in turn respond using a set of tools from the Consumer Financial Protection Bureau. But just because the collection arm sounds unfamiliar isn't necessarily cause for concern; debt holders—particularly for issues of consumer debt like car loans and mortgages—often sell said debts to other institutions, and the debt from there can change hands on more than one occasion. That's where a tool like Debt Lookup can be a valuable thing.

Debt Lookup, not so long ago, got shown off at the Finovate Fall event, and pulled more than a little acclaim out of the event for its comparative ease of use and simplicity, as well as its cost-free nature for users. The company's chief operating officer, Charlie Moore, noted the difficulty inherent in establishing who's got the right to make claims on loans, and further noted that there was neither title nor registration required for debt, so it was especially difficult to make those ownership claims. But with Global Debt Registry and Debt Lookup, the problem was essentially solved by creating that ownership registration system, so that ownership claims couldn't readily be challenged.

Such registration can be useful for both creditors and debtors, according to reports, as being able to show clearly who owns a debt can be very useful in court proceedings. Since Global Debt Registry charges the debt holders for registration services, the end result is that the debtor can get access to the listings readily at no charge.

The fact that Global Debt Registry—and by extension Debt Lookup—works both ways is a welcome development to say the least. Not only can debt holders establish clear control over the debt itself, and thus shut down a potential avenue for resistance, debtors can in turn fend off collection agencies trying to establish control over debts said agencies shouldn't have. That makes the cycle of debt and repayment a smoother one overall, with fewer frivolous lawsuits and reduced ability for debt collectors to take undue advantage.

Debt can be a scary thing, and the constant changing of hands of said debt can be worse. But with tools like Debt Lookup on hand, much of that impact might prove not to be an issue.

Edited by Maurice Nagle

Article comments powered by Disqus

Related Accounts Receivable Management Articles

[ Read More ]
More on Accounts Receivable Management

Technology Marketing Corporation

2 Trap Falls Road Suite 106, Shelton, CT 06484 USA
Ph: +1-203-852-6800, 800-243-6002

General comments:
Comments about this site:


© 2021 Technology Marketing Corporation. All rights reserved | Privacy Policy