April 18, 2014

What to look for in a Debt Collection Agency?

There are many debt collection agencies in the world, so how do you know which is the best for your company to use?  Know that choosing the right agency is extremely important, because there are many collection agencies who use “strong arm tactics,” which will ruin your relationship with the customer.  There are also many collection firms who are not professional operations.  This not only means you have a smaller chance of collecting the debt, but also that any collection agency you hire afterward will have an even harder time collecting the bad debt.

Know that most debtors are good at what they do, and that is deceiving businesses and never paying their debts.  This is a bad things for all sides, even the debtor.  You need to choose a collection firm that is professional and knows the tricks that debtors use.  These tricks are hard to deal with if you are just stepping into the industry, but if you use a seasoned collection agency that is well versed in debtor tactics, you will have a better chance collecting your accounts receivables.

There are many collection agencies who use the letter writing tactic, which is not a bad tactic in and of itself.  The problem is when a collection agency uses this tactic solely without the complement of other more direct approaches.  We all know what we do with junk mail, paper and electronic, and a collections notice is nothing but junk mail to a debtor.  You are most likely not the only one trying to collect from the debtor.  So you must select an agency that will be proactive and persistent with your debts.  A debt agency that is willing and committed to your company is the first sign of a good company.  There are too many debt collection agencies who will disappear once they either collect or don’t collect your debt.

Look for a collection agency that is good at dealing with you, because they will deal with your delinquent accounts in a similar way.  Good luck with your debt collection agency search!

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