Recovering outstanding debts can be really frustrating and stressful, especially if you continuously get very late payments or the debtors simply refuse to pay the money they owe you. For individuals or businesses that continuously experience difficulties in their debt recovery, getting the services of a debt collection agency is recommended so you can easily have your debt transactions organized. As you can find several agencies around, below are some tips that can help you find the ideal agency for you.
1. Company image. Of course, reputation of the company is very important to consider. After all, they will be tasked to handle your debt transactions so it will be necessary for you to find a company you can trust. There are particular laws implemented by the government that aim to protect consumers and monitor the practices of different agencies at the same time. The web will surely be helpful in searching for several agencies that have good reputation among their clients and are proven to adhere to lawful practices at the same time. Take note of agencies that were mentioned to be involved in some unlawful collection conducts. Remember that while it’s important for you to have the owed money collected, it’s still unlawful to resort to practices like humiliation, coercion, harassment, and threatening manner in the process. You can check the guideline for collectors and creditors that is a joint publication by the Australian Competition and Consumer Commission (ACCC) and Australian Securities and Investments Commission (ASIC).
2. Operation coverage. It’s recommended to check out the area of operation of the collections agency you’re considering so you’ll know the extent of their coverage. It will be better to go for a company that has wide coverage, especially if you are dealing with debtors overseas. It will also be wise to check out their offices and agents abroad and the particular reputation of these agencies.
3. Fees. Payment to the agency will usually be based either on service rates asked for by the agency, or percentage commission based on the total amount collected. It’s not advisable to pay money upfront. Make sure to read the contract carefully and take note of policies and terms and conditions implemented. Furthermore, make queries about payments to be made if ever the agency fails to recover debts.
4. Trust rating. In connection to company image, it will also be wise to check out agencies that have trust rating. Browsing for good reviews and testimonials online can be of great help. Good trust rating may be based on the agency’s transparency, successful collection results, service rates, and remittance policies. It will be practical to shortlist several agencies that interest you. Make sure to check out their background, company info, and operations coverage, as well as review their particular reputation in the industry. In connection, you might also want to check out the affiliations or accreditations of the agency you’re considering. You can browse through sites like this website directory to get started on your search.
5. Opt for a trial basis. It would be wise to be careful, especially since it’s money involved here. Ask if the agency can provide a trial service for a fee. This is ideal so you can test whether they can provide you reliable and quality debt collection services or not.
I'm Louida from Atlanta, Georgia and I'm a mother of two daughters, blogger, and full time working mom at a Business Consulting Firm.
I love helping others learn how to start working from home on the internet free to supplement their current income.
I also blog at Productreviewmom.com
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