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Call in a Collection Agency For Costs

Call in a Collection Agency For Costs

A collections agency can be an effective way to pursue past-due accounts receivable while you focus on running your business. However, it is important to understand what they can and cannot do, so you make the best choice. Poll your attorneys, accountants and business associates to see which agencies they’ve used, and then review the Association of Credit and Collection Professionals’ directory of members licensed in your state and the states where your customers live. Choose an agency with a strong reputation, experience serving the industries you serve and a consistent approach to debt recovery. More info :

Is debt collections hard?

When you do hire a collection agency, they’ll use databases to identify your nonpaying customers and reach out to them via letters, phone calls or in-person meetings as appropriate. They can also help you take the nonpaying party to court to obtain a judgment that will allow them to garnish wages or bank accounts.

While laws vary from state to state, most collection agencies are not allowed to harass consumers or threaten violence. They must also verify that the debtor owes you money and not lie about it. Also, they can’t collect interest or late charges unless you agree to them in writing or federal and state law allow it.

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