Cedar Financial Reviews

A business owner’s main goal is keep its company afloat and be successful. For that he needs to make sure that he is investing the money in a right manner. One of the way to invest money is to lend it.  Many businesses, lend money to other –individual or company with the hope of recovering that money on time.

Most lenders repay their debt on time, but there are some cases when the debtor doesn’t pay even long after the deadline. At a time like this, the company who loaned the money can hire a debt collecting company like Cedar Financial to collect the debt on their behalf.

There are numerous debt collecting agencies in the market now, and Cedar Businesses service leads the market. The debt collectors make sure that they get the debtor to repay the loan using a legitimate procedure. They are honest people who never harass the debtors, and also make sure that their client’s (creditor) reputation remains intact.

If you are in business, the debt collector is not a new term for you. But for an individual, it is unheard of.  So, when people get a call from such an agency, it might be shocking. It can scare and confuse people, and it is obvious that you will have a lot of question about the same.

An individual might even not be aware that you took a loan from big business. A debt collector helps you verify the debt and finds the best way to repay the pending amount.

It is a lot to take in, that is why in this blog, we will try to make you familiar with a debt collecting agency. We will learn what they are and how they work.

Debt collector- Who are they?

A debt collecting service provider like Cedar Financial is a third party organization that collects unpaid loans, debts for businesses. The business provides credit to other businesses or individual. Sometimes they are repaid to them on time. At such a time, the company hires a debt collecting agency to collect the outstanding balance from their debtors.

The businesses have two options when their debtors forget or miss the payment deadline. Either to use their own resources to find the client who owns them money and ask for the payment. Or hire a debt collector. The second option is more suitable, as they don’t have to waste their time and money. Also, it means leaving the debt collecting to professional and experts of the field who are more likely to get it done.

Also, the creditor can sell their unpaid debt to the highest bidding debt collecting agencies. In such a scenario, the debt collecting agencies buys the unpaid debt, and now it is up to them to collect the amount and keep it.

Whether hiring a collector or selling to them is up to the business owners, and also it depends on their policies. But either way, the collecting agency makes sure that both the client and loaner suffer no losses. They ensure that the proceedings don’t harm anyone's reputation.

A little more information about debt collecting agencies

A debt collecting agency like Cedar business services collects all types of debts. It covers credit card debt, personal loan debt, automobile loan debt, business debt, and medical debts and unpaid loan debt.

If the creditor hires the agency, they get 25% to 45% of the collected amount. If they sell the debt to the collectors, they cut their losses and whatever they recover is their profit

Most debt collection firms deal in all types of debts, but there might be some companies who only deal with one type of debt collection. Cedar Financial reviews state that it helps business receiver all types of debt.

Moreover, there are some times, when you can't recover a debt. In such cases, the collectors negotiate with the debtors convincing them to pay at least some amount.

Also, they have full authority to take the debtor to court in case the delinquent refuses to pay the owed money.

Should debtors be afraid of debt collecting agencies?

No, a debt collecting agency is not a piece of evil machinery. When a debt collector contacts you, it might freak you out. But they have no agenda they only want to collect the debt you owe to their clients.

Moreover, they ensure that the debtor has the best plan to repay the debt so that they don’t suffer either.

No debt collecting agency harasses or threatens the debtor. To make sure of this, there are rules that all financial companies like Cedar business services follow.

The Fair Debt Collection Practices Act defines a set of rules that every financial company must follow. It ensures the safety of the debtors while keeping the collectors honest in their proceedings.

How Does A Business Hire A Debt Collecting Agency?

1. Determine your debt collecting needs

First, you need to analyze your business for unpaid debts. If you have a large number of debts, it’s time to call a collector. Now, there are two debt collecting agencies- commercial and consumer. The former works with other businesses, while the latter works with an individual.

2. Find the right agency

Now you need to find a debt collection company that fits your needs. Go for a company that specializes not only in the type of debt you have. But also look for a firm that deals with your industry and is capable of handling the size of business operations.

3. Run a background check

Make sure that the company has a license to work as a debt collecting firm. Make sure that they have the necessary certificates and there are no complaints filed against the firm. Also, ask for testimonials from previous clients and check their ethical stands.

4. and work with them

Once satisfied with everything hire the company that suits you best. Make sure you work out how to communicate and fee before signing the deal.

How debt collectors work?

The debt collector first contacts the debtor through phones or emails and letters. But in some cases, it might not work. In such times, the debt collectors use software to contact the consumer or they can even conduct a private investigation on them.

The Debt collecting agents also have rights to the assets of the debtor like bank accounts, real-estate and so on. All this is done to assess the ability of the debtor to repay the borrowed sum.

The debt collection agencies have no right to debit payment from the debtor's account. They only take the unpaid amount when the debtors pay it themselves.

Moreover, if the debtor refuses of pay or can’t pay, they can take them to court. If the judge rules in their favor, they can sell the debtor assets. They can empty their bank accounts to pay back the money the debtor owns to their clients.

Debt Collecting Agency- The Code Of The Conduct

A reputable debt collecting firm like Cedar Financial is always honest in their dealings. They have rules, and one of them is that the consumer has the right verify the debt after a collector makes contact.

To verify the debt, they have to submit a form in writing asking about the validation of the debt.

After they submit the request, the collector puts all the collection activities on hold. They resume it only after the debtor gets all the details like the amount of the debt, the name of the company they own the debt to and what is the plan for repaying the pending sum.

The consumer gets a validation letter within five days. In case, the collector is unable to verify the details, they have no choice, but to stop the whole collection process.

Also, a collector has to verify all the details as accurate before they can contact the consumer regarding the pending debt. Moreover, when a customer claims identity theft, the collectors investigate that claim before moving further.

A debt collection company follows procedure and keeps the entire thing private. Also, they can’t contact you before 8:00 a.m. and after 9:00 p.m. unless you provide permission.


A business is legally allowed to hire a debt collection company like Cedar Financial to help them recover their debts. Contrary to popular belief, debt collectors don’t take this opportunity to harass or abuse the consumer. They conduct themselves professionally and strategize with the consumer to repay the debts without harming the reputation of the creditor or the debtor.

Still having doubts, read Cedar Financial Reviews. It is the leading debt collecting company, and both consumer and clients have found it helpful.

Author's Bio: 

Kathy Mitchell is a writer and avid researcher on the subject of beauty, nutrition and general wellness. She likes to go out with her friends, travel, swim and practice yoga.