Here are five secrets to choosing the right debt collection agency:
- Do your research. Before you choose a debt collection agency, it is important to do your research. This includes reading online reviews, checking with the Better Business Bureau, and talking to other businesses that have used debt collection agencies.
- Get quotes from multiple agencies. Once you have narrowed down your choices, get quotes from multiple agencies. This will help you compare prices and services.
- Make sure the agency is licensed and bonded. All debt collection agencies must be licensed and bonded in the state where they operate. This will protect you in case the agency does not collect your debt or if they violate the Fair Debt Collection Practices Act (FDCPA).
- Ask about the agency’s success rate. The success rate of a debt collection agency is the percentage of debts that they are able to collect. This is an important factor to consider, as you want to choose an agency that has a good track record of success.
- Make sure the agency is familiar with the FDCPA. The FDCPA is a federal law that regulates the conduct of debt collectors. You want to choose an agency that is familiar with this law and that will collect your debt in a fair and legal manner.
By following these secrets, you can increase your chances of choosing the right debt collection agency for your business.
Here are some additional tips that you may find helpful:
- Ask about the agency’s fees. Debt collection agencies typically charge a percentage of the debt that they collect. Be sure to ask about the agency’s fees and make sure that you are comfortable with them.
- Ask about the agency’s policies. Find out what the agency’s policies are on things like communication, payment plans, and reporting to credit bureaus.
- Get everything in writing. Once you have chosen a debt collection agency, be sure to get everything in writing. This includes the agency’s fees, policies, and any agreements that you make with them.
At New World Collections we are experts in all aspects of bad debt recovery. We have the answers! Contact Us
