[Photo by Korean Association of Debt Collectors]
Korean Association of Debt Collectors said on Wednesday it has signed an agreement on cooperation with American Collectors Association International (ACAI).
Under the MOU, the duo will increase collaboration in bilateral support of member companies and expansion of debt collection into the public area.
American debt collectors have been assigned to debt collection for the government for many years, and in April they were granted eligibility to collect due taxes. The Korean association expects that cases studies in American debt collection business will be helpful in its efforts to enter a new area of public debt collection.
“Through mutual cooperation and research under the MOU with ACAI, we will work harder to develop Korea’s debt collection industry and to introduce advanced systems to assign the private industry to recover delinquent public debt,” said Kim Hee-tae, head of Korean Association of Debt Collectors.
Korean Association of Debt Collectors has called for industry deregulations in order to tap into public debt collection. The move aims to offset its private sector debt collection eclipsed by growing debt relief.
By Chung Joo-won and Minu Kim
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]