Need Collection Agency Services?

FILL OUT A QUICK 2 MINUTE FORM

FILL OUT A QUICK 2 MINUTE FORM

Compare Multiple Rates, so you know you’re getting the best deal.
Compare quotes on essential services and equipment for your home or business.

HOW IT WORKS

Research Your Purchase

By reading our buyer's advice, you can research your purchase. Our comprehensive buying price will educate you about the purchase.

Get Price Quotes

By filling the above form, you can get a quick price quote. We help you shop from best vendors by letting you compare prices from professionals.

Save Time And Money

Eventually, you will be saving a lot of time in making your best purchase. This let you connect to best vendors real quick, and all by staying home.

Read out buying advice for collection agencies

Effective and well-organized financial management means that the business collects and pays its payments, debts, and credits on time. Though paying the creditors and suppliers is equally important, the whole business depends on the collection from its debtors.

If you are already running a business, then you would know that not all of your debtors are reliable. There are many times in the course of a business, that it faces the challenge of delinquent accounts. As time goes by, the situation keeps getting worse for the business. Because of the longer, the debts remain uncollected, the harder it gets to recover them.

Obviously, it is not feasible for any business to run after its debtors and customers to collect payments. Because it has to look at other business matters as well. Therefore the business needs to implement a solution that can help it recover from its delinquent debtors and customers.

The best possible solution to this problem is the ‘Business Collection Agency’! This term is not new for those who have been in the business industry for long now. But if you are new to the business world and have no idea about these collection agencies, then this blog is your savior!

With this article, we will walk you through all the basic information that you need on Debt and Credit Collection Agencies.

What Is A Collection Agency?

It is obvious from the name that a Collection Agency is a business that recovers collection from delinquent customers, default accounts and funds that are past the due date. These agencies act as a middle-man between the creditor and the debtor and make a collection on behalf of the credit company.

Credit companies and lenders hire these agencies as the last resort after making several failed attempts in collecting from their customers. Once the creditor or lender hires a Collection agency, they dig through the debtor’s financial and debt history. And reach out to the borrower via phone calls and official letters.

Once the Business Collection Agency, collects all the due debts from the relevant party, it gets a substantial percentage of the amount recovered by the credit company. Be it a medical debt, personal loan debt, business debt or even the unpaid cellphone or utility bills – the credit and debt collection agencies always come handy.

Types Of Debt Collection Agencies:

Before you hire some debt collection agency to recover your debt, it is important for you to understand the types of Debt Collection Agencies, only then you would be able to get the best credit and debt collection services for your business.

Typically there are two major types of debt collection agencies – third-party collectors and in-house collectors.

In-House Collectors: As a precaution, most business and credit companies like banks use an internal collection department to recover debts from their customers. In-house collectors are less aggressive and deal with delinquent customers who are past the due date by 90 or 120 days only.

Third-Party Collectors: When the delinquent accounts remain uncollected more than 120 days the credit company then hires a separate company who either purchases it delinquent debts at discounted rates or takes 25% to 45% of the total amount refunded by the debtor. These third-party collectors are aggressive in their pursuit to recover the debts, So hence they have to go by the laws and regulations.

Benefits Of Having Debt Collection Services:

The ultimate benefit of hiring a debt collection agency is that your delinquent debt is recovered and this way you increase your business’ bottom line. When you hire the services of a business collection agency, here are some of the perks and benefits that your business enjoys:

1.   Assured Debt Recovery:

One of the reasons why credit companies or other business fails to recover payments from delinquent customers, is they don’t have time go after them. But as the primary purpose of a debt and credit collection company is to recover your funds, so hence they are specialized in pursuing the delinquent customers till they recover the debts.

The debt collection agents are trained professionals and experts who know all the tricks to coerce the debtor/customer made payments. The collection agencies, providing the best credit and debt collection services, are relentless, aggressive and don’t hesitate to report irrecoverable debtors to credit bureaus.

Furthermore, when a collection agency recovers your debt from a delinquent customer, it affects the debtor’s credit score for up to 7 years. Hence in 99% of the cases, the debtors made their payments to the collector, to save their reputation.

2.   Legal Protection:

All debt collection agencies are governed by federal and state laws. These laws not just provides protection to the consumers, but also the company that buys the services of these collection agencies.

The debt collectors, especially the third-party collectors are well aware of their legal rights as well as the rights of the consumers. Therefore they make their strategies in such a manner so that their clients don’t have to worry about legal risks.

They eliminate all the legal risks involved and successfully recovers all your unpaid/uncollected debts as if they are collecting from their own customers!

3.   Proper Documentation:

The debt collection agencies comply with all the state laws and so hence they record every communication with your debtors. This documentation will not only aids you in case you decide to sue your delinquent debtors, but also comes handy in tax return filing. All the documentation serves as proof for bad debts and helps in a tax deduction.

4.   Flexibility:

Every business has different customers/debtors and so hence their needs also vary. The collection agencies are professionals and skilled in their work and they adopt different strategies according to the client and their delinquent debtor. It means that these collection agencies don’t follow a rigid debt collection strategy model, rather they have a flexible solution that can be used for different clients.

Embrace Better Financial Management!

With so many benefits and successful debt recovery, a debt collection agency is no doubt a perfect, yet affordable solution for better financial management. If you are currently facing the issues to recover from your delinquent customers then, don’t hesitate to fill the questionnaire above.

This questionnaire covers all the information that is required to get the best credit and debt collection services. All you need to tell us about the

  • Debtor Type or Delinquent Accounts – Individual consumers or other business,
  • The expected amount to be recovered from the debtor,
  • Total number of consumers or accounts that you want to recover from,
  • For how long these accounts have been outstanding.

This would help us asses the best possible debt recovery strategy for your business. If you want to enjoy quality debt collection services at affordable cost, then hurry up and fill out this quick form!


U Save Services has stayed true to its original mission: bring educated buyers and sellers together at the time they are ready to do business



Copyright ©  U Save Sevices  All rights reserved | Maintained By  Cipher Savvy