FAQs
Frequently Asked Questions
| Question |
How big is the debt collection industry?
| Answer |
The debt collection industry is a large and growing sector of the economy, with a significant presence in many countries around the world. While it is difficult to estimate the exact size of the debt collection industry due to variations in how it is defined and measured, there are several sources of data that can provide some insight into its scope and scale.
For example, the debt collection industry generates billions of dollars in revenue in the United States each year. According to a report by the Consumer Financial Protection Bureau (CFPB), debt collection agencies and debt buyers recovered approximately $81 billion in outstanding debt in 2020 alone. This represents a significant increase from previous years and highlights the growing importance of the debt collection industry in the U.S. economy.
However, it is important to note that the debt collection industry can be highly competitive and subject to significant regulatory scrutiny. Businesses engaged in debt collection must comply with a variety of laws and regulations designed to protect consumers from abusive or deceptive practices, and failure to do so can result in legal or financial consequences. As such, it is crucial for businesses in the industry to stay up to date on any changes to applicable laws and regulations and conduct themselves professionally and ethically when attempting to collect a debt.
Experts with
Decades of ExperienceOur highly trained, experienced and certified recovery specialists uniquely specialize in commercial receivables recovery.
Our specialty service niche is in the oil and gas industry; from oil & gas mineral lines to liquidating claims, our seasoned, savvy industry veterans know how to get the most for our clients quickly. We can alleviate your worry, frustration, and headache from the pain and frustration of debt recovery to recoup your past due receivables.
We understand your pains in collecting past-due receivables from your past clients. That is why we make it easy to get started by providing a free consultation and service quotation with no further obligation.
Melton Norcross & Associates
Texas’s Top Commercial Debt Recovery Professionals
If you have specific questions about debt collection laws or regulations that may apply to your business, it is recommended that you consult with an experienced attorney or commercial debt collection professional in your jurisdiction. Melton Norcross & Associates are licensed in most states and can assist you with your state’s collection laws and recover your business’s past-due account receivables. As well experienced industry expert, Melton Norcross & Associates provides guidance on how to comply with current laws and regulations and keeps you informed of any changes that may be forthcoming, and provide professional commercial debt collection services to save you time and expense on recovering your past due receivables.
Our Commitment Policy:
NO COLLECTION, NO FEE POLICYMeaning if we don’t collect, we don’t get paid, period. There are no management fee’s or small print for hidden fees.
Oil and gas debt collection is our bread and butter, and no one understands the oil patch or how to collect an oil field receivable better than we do.
As an oil field collection agency in Texas, we have found through experience that in some cases the oil and gas mineral lien and enforcement of it is the most effective way of collecting payment from stubborn debtors refusing to cooperate or pay their respective claims due.
Our Commitment Policy:
NO COLLECTION, NO FEE POLICYMeaning if we don’t collect, we don’t get paid, period. There are no management fee’s or small print for hidden fees.
Oil and gas debt collection is our bread and butter, and no one understands the oil patch or how to collect an oil field receivable better than we do.
As an oil field collection agency in Texas, we have found through experience that in some cases the oil and gas mineral lien and enforcement of it is the most effective way of collecting payment from stubborn debtors refusing to cooperate or pay their respective claims due.
Get Started
We Understand Your Goals & Expectations.
At Melton Norcross, our misson is to not only understand your goals and expectations for your collections but to meet and exceeding them.
Our highly knowledgeable and experienced team, combined some of the best resources and tools available for collections, gives you the highest probability of recouping your past-due receivables.