April 12, 2014

Choosing the Right Debt Collection Agency

Filed under: Uncategorized — Peter Pinette @ 2:58 pm

Most prospective clients for a collection agency tend to base their search on the amount the agency will charge. This is how most people search for services regardless of the industry. It’s just what human beings do. So rejoice and take delight if you do this, you are human.

One of the other things that goes along with being human is the ability to ration and reason and to know beyond a shadow of a doubt that when you hear something that is true, you will  know it intrinsically.


So here’s the skinny about debt collection agencies and the process of hiring one.

An agency will attempt to lure you in with a low rate because they know low rate is what you’re shopping for. If you actually knew what was the best thing to shop for, you would probably be generating collection calls yourself. But since you don’t, and most people don’t by the way, know the inner workings of  an agency and how they have perfected their craft, the most typical item to come up in your initial quest will be price.  Price is a good starting point when looking for a collection agency, but it is not the end all thing to decide upon.

Rate shoppers get what they pay for. How much time can a collection agency put into your file to do it the right way at such a low rate?  Rates are subjective and what one person thinks is low may differ drastically compared to another person’s view. What an agency owner like ours and what a layperson like yourself may think is ridiculous, may very well be two different things.

As a collection agency owner I must tell you that the amount of money invested into collecting a claim is directly proportionate to the outcome. Yes it is true that every once in a while , approximately 9% of the time, a letter will effectuate a collection. 9% is paltry. Which means, in effect,  that 91% of the time no collection is made. And what unfortunately occurs when one engages such a process, the file is ultimately ruined for the next party who tries to collect. Both because of time, a desensitization to third-party intervention, and because quite frankly the debtor may have appropriated your funds.

To know the inner workings of a collection firm is helpful in knowing which firms are realistic about their fees and serious about staying in business themselves. Collection agencies that lure you in at a  low fee, do almost nothing. They just about ruin the file and rely on a 9% ratio to collect- and they do not care about the other 91% of the time that you’re left holding a worthless piece of paper.

So when you’re choosing the right collection agency for your needs, make sure that not only price is the consideration but a variation of other factors. Factors such as how long have you been in business, expertise in a particular industry, size of the firm, expertise of the collector handling the claim, and so on and so forth.

Flathmann and Stern, LLC., will give you the greatest advantage in collecting your outstanding debts. If we cannot collect you’ve lost nothing, but we collect well above the industry standard rate.

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