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Debt Collection Agencies - Select the Best

Jun 8, 2008
While your best interest is in getting your money back, but you need not forget your other interest which is to maintain your reputation intact and also maintaining your business relationships intact. Once you have spread the bad word about you, any amount of sound business practices cannot heal that bad reputation in the market.

There are several factors at play while you select the best collection agency in town. The definition of best can vary from what you need, some agency may have the most amazing results but is very expensive whereas the other has relatively modest success rate but they charge less. The final decision can then be weighed against several factors. There is no secret formula to get that coveted collection agency.

The most important factor in your decision is the overall success rate of the debt collection agency. That factor alone should outweigh all other factors as that is ultimately what you are looking at the success of the agency in getting you your money through tried and tested techniques. Select an agency of repute which most likely will have good success ratio as the reputation is built in an industry by this factor only. Make sure before you go ahead with agency to know whether they have any complaints against in the Better Business Bureau or are they compliant to FDCPA.

The other variables or factors in your decision to select should be the industry in which the agency operates the cost of services and the kind of relationship they bring to the table. Make sure you check what kind of sample collection letters they have. Also you can check with their existing clients to know better about the agency.

Selection of an agency can be most critical thing for you as that means a lot of money and business reputation at stake. So make you choice carefully and select the best. Be prepared to take a harsh decision if you think the agency you hired does not meet your needs. Shun the current one and go for another one if it happens.

Considering that the collection agency success criteria is not only one to be considered when selecting a collection agency. There is such a range of collection agency services that one can cripple collection probability if not using the right one. There is retail debt (which is what the FDCPA is for) but there is also commercial, medical, insurance, contract and so on.

If you are looking for a collection agency, consider the experience that the collection agency has in dealing with your typical situation. You may have some commercial accounts and find that your collection agency (although considered the best in retail) is treating your debts as retail and hence limiting their efforts to the rules of the FDCPA. That is why the best collection agency would be one that suits to your typical needs and maximize collection probability in the process.
About the Author
The author writes about his experience as a professional guide to businesses on online debt collection strategies and has a website which discusses the aspect of online debt collection services.
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