When Should You Turn To A Collection Agency

Skip TracingCollection agencies are in business to help clients collect aging debts where the client has been unsuccessful. Collection agency personnel are highly trained in tracking down individuals through skip tracing, employment searches or asset tracing. If you cannot locate or get a response from a debtor, it is time to turn the account over to a collection agency. They already have the software, licensing and paid subscriptions in place that you may not want to invest in, and staff attorneys that can determine when and how to file suit. There is a fee involved, usually 25 to 33 1/3% of the recovered cash amount, but this fee will be smaller than the time and manpower you may have to invest to be successful at the same task.

Collection agency specialties can be tailored to medical billing, retail or credit card debt, auto loans or uninsured debtor insurance claims. Larger firms may have the ability to handle all types of accounts in one location. The staff will have knowledge of, and access to databases of courts that your company may take years to develop.

Collection agencies also take the stress of handling irate or evasive debtors, debtors living on a budget or young adults and college students who generally have no assets. Collection agencies may practice identification safety where their employees will use a pen name instead of a personal name. All upset debtors that may call the original client can be directed to speak with the collection agency only once an account has been reassigned.

If judgments are awarded and especially if a property lien is in place, a file can be closed and stored until a time that the debtor needs to improve their credit standing or wishes to sell their property. A file is generally deemed uncollectable if a debtor is deceased or files chapter 7 bankruptcy and has their debts discharged.

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