Are you hiring a Collection Agency? Many agencies today have an approach that is quite “cutting edge” and can change any delinquent account into one that is paid off very quickly; the trick is finding the right Collection Agency.
First we must really know exactly what a Collection Agency does. A Collection Agency is a type of company or business that goes after outstanding payments and debts that are owed by either a business or an individual. Many of the Collection Agencies are known to assist the “creditors” and act as their agents. They will pursue a debt and after they collect on that debt, they will usually receive a percentage or a straight fee on the total that was owed, not the total that was collected.
Another name for a Collection Agency is a “Debt Buyer,” since the Agency will buy a debt from a creditor for a smaller amount and then go after the debtor and collect the full amount owed.
Furthermore, a creditor may send a debt they are trying to collect to a Collection Agency for the purpose of removing that debt from their own company’s “accounts receivable” department, and then a loss is calculated by taking the difference between the amount that was obtained and collected and the total value of the debt.
Various countries have different rules and regulations for Collection Agencies and their function. Some are governed by regulations where the law prohibits abuse and where lawsuits may arise if companies fail to follow these government laws.
Below is a list of 6 easy tips to follow when you are hiring a Collection Agency:
1) Verify that your agent is hard working and that he or she has hours that are twelve hours a day and up to six days a week.
2) Downloading debtor information from one of the three national credit offices is easy to do and can be done online.
3) Make sure you are hiring a native English speaker when hiring a Collection Agency. If you are trying to collect a debt overseas, make sure your agent is fluent in the language of the country, as well as in English.
4) No need to look into “asset search” or “tracing,” when attempting to collect from a debtor, although you may want to learn what these terms mean.
5) A bankruptcy is never made on a beach or vacation resort.
6) You can now electronically recover your checks for “Insufficient Funds.”
Article Source: www.voices.yahoo.com
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