Before getting a business collection agency’s services, you need to make some smart decisions first.
As of 2017, there are more than four thousand legitimate collection agencies operating in the United States alone, making for a healthy yet vastly varied business collection agency industry. This industry is segmented into agencies that handle business-to-business (B2B) collections and those that handle consumer accounts. Many large firms tend to handle both.
The challenge here for businesses is choosing the right collection agency service. The sheer amount of agencies available, and the fact that many of them are subpar operations mean that one can’t simply choose partners willy nilly. By way of helping any business find the right collection agency services, there are a few things they need to do first:
Ask for Referrals
The age old method of relying on referrals is always a smart move. You can ask your company lawyer, or your accountant, or even colleagues in the industry for any agency that they can trust, or have had positive experience with. In most cases, this is the fastest and most efficient way towards getting the services of an excellent agency.
Look at the ACA International Directory
The Association of Credit and Collections Professionals has an international directory that contains listings of licensed or accredited agencies based on state. This is a great way of keeping your list limited to agencies that have proper accreditation, and a great way of avoiding amateurs and scam agencies.
Consult the BBB
The Better Business Bureau is a failsafe way of checking the reputation of any agency that you are considering. But there is still a need to be discerning. Having the name of the agency in the BBB with one or two complaints isn’t alarming, and may only be a fluke. But if there are multiple complaints, then you should be wary. Read all the complaints and practice critical thinking.
See if the Company is Licensed and/or Bonded
This is more for your protection than anything else. Many states require a collections agency to be either licensed or bonded, or both. Check if your state requires it, and then see if the agency you are planning to hire is compliant. This will save you a lot of headache (and costly legal fees) later down the road.
Check for E & O Insurance
While not a hard requirement, an errors and omissions (E & O) liability insurance is always a good sign that an agency is reputable. This type of insurance covers any claims brought by consumers for improper conduct on the part of the agency. You can be assured that companies who have this insurance won’t resort to practices that are tantamount to harassment or slander.
Visit the Agency
It’s always a good idea to show good faith by meeting with key representatives of the agency and seeing their offices in person. It is also a good show of faith for them to accept. Be wary of agencies that don’t want you to visit, as it means that they have something to hide. Don’t worry about small agencies, as sometimes a small local agency may do a good job in your case and will cost less than a large national firm.
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