Working with a Debt Collection Agency

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Aug22

Working with a Debt Collection Agency

August 22, 2006

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

If you are a business owner and have never used an outside collection service, there are some things you will want to be aware of. The more detailed information you give the agency that you choose, and the sooner you give them the accounts, the better your chances of recovering any money.

In all cases, the minimum information should include:

The correct name, address & telephone numbers of the debtor. This includes any cell phone numbers or work numbers you may have.
The name of the debtors spouse and their work information.
Let them know if the phone has been disconnected or the mail returned.
Summary of any disputes
Copies of credit applications, agreements or contracts.
Date of last transaction, order or payment.
All contact information you have, email, fax, phone.
Nick names or aliases, maiden name.

Remember you are a team with your collection agency, help them by giving them the information they need and they will have a better chance of collecting your money.

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