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Accounts Retrievable Debt Collection Agency

From the smallest start-ups to the largest corporations, successful businesses have known for years how indispensable a good collection agency can be. This is especially true in business sectors where defaulting on debt is rampant—such as in the credit card, banking, and medical industries.

 

Obtaining a reputable debt collection agency provides many benefits:

 

. Debts are collected much more efficiently and in half the time.

. Your company expends far less time, energy, and resources to collects debts when a collection service is employed.

. Hiring a debt collection firm helps your business’s staff remain productive in growing the business, rather than stalemating with deadbeat customers.

. Statistically, companies that employ a third-party to collect debts are 60% more successful at collecting old debts than companies who don’t.

 

Debt Collection Agencies: the good and the bad

 

Some of the most dreaded words among many consumers are ‘debt collection agency’. And they are, perhaps, partially right in thinking so because collection agencies have a long history of using some of the most disrespectful tactics more than any other enterprise.

 

As a result around 1980, the Fair Debt Collection Practices Act (FDCPA) emerged under 15 U.S.C. ยง 1692 et seq. as a part of the CCAP, or Consumer Credit Protection Act. The FDCPA lays out about a dozen specific rules pertaining to how collection agencies can and cannot treat consumers that are in debt. For example, one states that no debt collector may call a debtor between the hours of 9 P.M. and 8 A.M. another states that “abusive or profane language” cannot be used. Still, many debt collectors fail to abide by the rules. Even when they do, they tend to charge outrageous fees.

 

That’s why it is pertinent that a reputable debt collection agency is used, such as RPS Worldwide. Reliable agencies only employ in-house agents instead of contractors. Why’s this important? Contractors are rarely trained in the rules and regulations of debt-collection. As a result, they often abuse the rules.

 

What’s at stake when debt collectors break the law? First, the debt collection agency or contractor can become directly liable for, potentially, tens-of-thousands of dollars in fines and even more in lawsuits. When this happens, your business will become prey to the agency you hired to collect debts for you in the first place.

 

Some debt collection agencies can do more harm to your business than good, especially when they charge excessive fees: 50% for every recovered debt is not unusual. Organizations like RPS Worldwide understand this. That’s why they employ ONLY highly-trained professionals to get the job done.

 

Article Source: William Ficka – www.ezineartice.com

 

Call Accounts Retrievable System For More Info at (800) 327-4687