Why You Should Work with a Collection Agency
If a business must succeed, it should be paid for every product sold or service provided. Unfortunately, some customers are unreliable. You may have more pressing tasks to take care of than sending out letters or making repeated phone calls to collect overdue debt. Not to mention that the older a debt grows, collection becomes more difficult. If your efforts have been largely unsuccessful or you just no longer have the time or energy to keep going, you can hire professionals, such as Fox Collection Agency, to do the job for you.
High Debt Collection Rate
Working with a collection agency substantially improves your odds of collecting longstanding debts. While you focus mainly on your daily operations, a collection agency can take care of your debtors. Remember, these agents, especially at Fox Collections, are trained professionals, so they have more knowledge and experience when it comes to debt recovery than you. Additionally, they have established ties with credit bureaus, allowing them to report unpaid debts whenever needed. Best thing is debtors are well aware of this and how a collection account can affect their credit scores. Hence, they will probably work with collectors, like Fox Collection Agency, just to avoid ruining their credit.
It is common knowledge among collection agencies that businesses have unique needs, even with collections. Because of the flexibility of collection agencies, you are likely to find one that is just the perfect fit for your business model. Such agencies may charge you a flat rate or a commission from each recovered debt. Another option for you is selling the debt and writing it off as a tax loss. All you really need to do is to sit down with the agency and pick the most suitable option.
With the various state and federal laws affecting the debt collection industry, consumers are not probably going stop short of filing a case for harassment or any related violation. If you aren’t very familiar with these laws, you can start by knowing that collecting debts is a whole minefield of legal complications. Third-party collectors know all these laws so they make your debt collection efforts legally safe. Of course, you need to hire a good collector like Fox Collection Agency to make sure that you are indeed protected.
Collectors like Fox Collection Agency never take steps without proper documentation, especially when communicating with debtors. In case you decide to sue a debtor in the future, you can count on the agency to provide all the records needed to bolster your case. Even if you sell the debt, you’ll still use all those records when writing off the debt as a tax loss, most especially if you are audited by the IRS.