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Which Collection Agency Should I Choose?

04-03-2013


Debt Collection Agencies are making headlines more and more often in today’s market. Often those headlines are negative and tend to give the collection industry a bad reputation.

Such headlines may make a business owner question whether to use them.  You’re right to be hesitant!  After all, the debt collection agency you use can reflect back on your own company in the minds of consumers and businesses.

But your bottom line can really suffer if you don’t collect. So what do you do? Choose a debt collection agency that will represent you ethically and professionally while still getting results!  With over 6,000 agencies in the U.S., how do you go about evaluating and choosing a debt collection agency?  Here are a few suggestions to start with.


1. Research Their Reputation.

A little research into the background of your debt collection agency can go a long way. Start with a general internet search on the company name.  Press releases, promotions, and awards are good signs that a company is thriving.  Check for high ratings, strong financials, and experience in the industry. References and testimonials can provide insight into what a working relationship would be like. Negative results aren’t conclusive, but they should flag you to conduct more research.

Check out the debt collection agency’s website. Do they provide information about their company and history readily? Is there website user friendly and offer client access. Do they have client testimonials, or will they provide them at your request?


2. Check for Associations & Affiliations

It’s a good sign if your debt collection agency is an active member of voluntary associations and affiliations.  Membership in the Better Business Bureau  (BBB), the Association of Credit and Collection Professionals  (ACA), and other professional associations and affiliations indicate that your Debt Collection Agency cares about their reputation.  Members of the ACA, for example, agree to comply with all federal and state laws and regulations and the ethical standards and guidelines of the association.  Since they also provide ongoing training and education and keep members abreast on regulatory issues pertinent to the industry, membership in the ACA can be a great indicator that your debt collection agency actively seeks to live up to their published values.


3. Check Ethics And Values

Now it’s time to talk with the collection agency. Do their ethics and professionalism seem to fit good with your own company’s ethics? Will they be able to work with you customers professionally in order to, not only recover your revenue, but do it and not damage your reputation?

These are just a few suggestions to help you get started hiring a collection agency that will help your bottom line. Please feel free to contact us if you are looking for a professional ethical collection agency.



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