Rumson, Bolling & Associates

Advantages of a Collection Agency

 There are many advantages in using a collection agency to collect your bad debt. A company’s need for a collection agency varies with such factors as size and amount of debt, but all of these advantages apply.

No need to worry about hiring or managing employees for in-house debt collection. This often saves you time and money.

Collection agencies have years of experience and will have a better chance of collecting a bad debt.

Collection agencies will have an easier time managing debtors from different states. A collection agency has more resources and knowledge of states and their own specific debt collection rules.

Collection agencies most often have thorough knowledge of debt collection laws.

Collection agencies have the option to report the bad debt to the correct credit reporting agencies.

A collection agency can handle large amounts of bad debt, which can often swamp in-house debt collections.

A collection agency has the ability to track down customers who have changed their contact information. Whether they have moved or changed their numbers, a collection agency will be able to get their new information to proceed with the collection process. Often times many businesses will give up collecting from someone because they can’t get a hold of them.

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