User:Knoodelhed/Debt collection and credit reporting in Lovia

Debt collection and credit reporting are services not as heavily used in Lovia as in other countries, and as an industry employ less than a hundred people. Some key reasons include:
 * The rules of court for suing a debtor require that the creditor hold and is able to submit the contract (Show The Note) and other business records about the account in question.
 * There is a strict seven year statute of limitations.
 * Any third party "debt buyer" that purchases a contract is entitled to obtain only what they can prove what they paid for it, plus a fixed percentage margin thereof.
 * Most but not all private homes and other buildings are effectively special-purpose corporations, typically referred to by address (e.g., "Martinez v. 77 Sunset Boulevard"). Utility, gardening, cleaning, and security service contracts are typically made in the name of the serviced property itself with the natural person who is the householder or landlord as "service agent". Such work or service secures a mechanic's lien on the property.
 * Every confirmed debt approved by a court of law that has not been or is not being paid off is listed with the Registry of Defaults and Arrears, a private agency jointly operated by the Department of Finance and the Federal Police under the supervision of the Supreme Court.
 * As it is based on public records generated by a court of law, the Registry's database can be viewed anonymously and without charge by any internet user within Lovia, and at any given time typically holds records on fewer than 500 named persons and other entities, though it is said that during the worst period of the Great Recession it held as many as 2700.
 * When a debt placed with the Registry is paid or settled, the record is destroyed.