Staying on top of legal changes and applying them correctly to your association’s collection activities is challenging. In 2019, the Community Associations Institute (CAI) tracked 1,500 state bills and 800 local bills and expected even more in 2020.

The laws are very precise, and relying on the general knowledge of the already overburdened staff may cause legal trouble eventually. Attorneys are expensive to hire for debt collection. If a legal situation arises, it will take many billable hours to collect the necessary information to build a case to protect your community.

How Equity Experts Can Help

Hiring Equity Experts can save 32% over using an attorney. We have an experienced team that adheres to all compliance procedures and industry best practices when attempting to recover a debt. We partner with national experts for legal updates, staff training, audits, risk assessment, employee and vendor screening, and data security policies to serve the association and homeowners.

When problems arise, we provide defense litigation and quickly gather accurate data. Ongoing reporting through software integrations are automatically updated in real-time. Every debt collection process is tracked with dates, times, type of communication, owner response, and the result.

All agreements and documentation contain language to be legally compliant in your state. Equity Experts scrubs the owner accounts looking for bankruptcy or military activity before proceeding, then follows the FDCPA guidelines and modified local regulations to collect a debt or file liens. Most of the debt is recovered in the first stages of the process and lowers the chances of litigation and related fees.

Avoiding Legal Risks

Damages are triggered if the court can prove a debt collector has violated the state law or the FDCPA act. The association can be charged for the damages a homeowner suffered, including losing a job due to things like harassing phone calls to an employer and reimbursement of attorneys’ fees.

If you aren’t sure managers or attorneys are informed well enough to be fully compliant regarding the collection of past due accounts or unpaid fines, understand that legal action usually doesn’t find in favor of community associations. Outsourcing a collection agency like Equity Experts ensures that your processes follow all necessary guidelines to protect the association and its owners. We resolve debts quickly, collecting directly from the owner before legal expenses can become an issue.

Today, debt collection technology uses automation and software integration to create a personalized process that is mapped out for you. Reporting features give you accounting information at a glance, and reviewing data gives you measured results for all your debt collection activity. You don’t need to hire an attorney to carry out collections, and you will avoid the costs of litigation by experiencing faster resolutions. We also provide defense litigation to demonstrate our compliant practices in court.

Learn more about how Equity Experts debt collection saves money on attorney fees through expert guidance and compliance. We work with self-managed and professionally managed communities in the United States to find the best debt collection solutions.

Sources:

Equity Experts Prevents Owners From Losing Their Homes

Equity Experts Explains: What to Know About the Fair Credit Reporting Act

https://www.hoaleader.com/public/What-HOA-Board-Members-Need-Know-About-FDCPA.cfm

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