Choosing a Collection Agency

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Aug 3

Choosing a Collection Agency

Know More: Creating a Credit Policy, Fair Debt Collection Practices Act, I have past due customers, what do I do?, Using Collection Agenices, What makes a Good Collector?

When you create your credit policy, you must realize that no matter how great your policy is, you will never collect everything from everyone. There will be times that you will need to use the services of an outside collection agency. How do you effectively choose an agency to work with?
Remember that the agency you choose is a reflection of your company. Some things to look for are:

Is the agency a member of any trade associations, a local chamber of commerce or other associations?
Are the agencies fees clearly states on their paperwork and website?
What is the agencies estimated recovery rate based on your type of accounts?
Are references readily available?

When possible, research a few agencies that specialize in your business. If you have a service business, medical practice or retail business there are agencies that specialize in those types of accounts. There are even agencies that only collect back rent, or only collect heating oil accounts.
Make sure you call ALL references and ask how their service has been.
You can also try a "test run" where you give the agency a few accounts to see how they do, before signing a contract with them.

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