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Choosing the best collection agency for your company can be a daunting task if you are not aware of what to look for. There are a lot of things to consider but there are only a few criteria that you can set when looking for one. When choosing the best collection agency, keep in mind that you want to choose from the ones who are knowledgeable in your industry. There are thousands of debt collection agencies in the country and not picking the right one can be detrimental for you. Narrow down your search to industry related ones before going to the next step. Choose a licensed agency that is insured. Remember that each state has its own laws so ensure that the agency is licensed and is an active member of a reputable collection agency organization. When you have chosen the best collection agency for your company, sit down with them and interview at least five of their best agent. Every agent normally has their own way of collecting debts. You would want someone who is in sync with your morals and professional standards. The agent should also be mindful of what is expected of him when dealing with debtors. After choosing the agent of your choice, ask them to provide you with their standard of procedure during the collection process. You would want to know each step taken during the entire process. This would help you know which ones you are in agreement to and which ones you want to discard altogether. Tell them that you expect regular updates and to provide you with reports on their activities. You should also ask for constant communication with your agent and ensure that you are included when decisions are to be made. A contract should exist between the two parties and it should include all pertinent information including but not limited to the schedule of fees, point person, issues on confidential files and other things that are deemed important. Choosing the best collection agency is easy right? If you follow the tips provided above, you will definitely get your money’s worth when the collection process begins. About the Author Dale Nelson is an expert on issues regarding debt collection. He has written several books on collection agencies and what to expect from them. Summary Hiring the best collection agency involves several steps. Choose the right one for you and be on your way to debt recovery.
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