How to supplement the success of your debt collection agency
January 17th, 2016 by New World Collections
Many businesses assume collection agencies have all the tools and technology necessary to recover a lot of money for them. In some cases that can be true, but businesses may not realize what role they can play in helping their agency return more cash flow back to the business.
What can you do? It all starts with the information you collect from your customer/patient when they set up an account with you. Simply getting a name, address, and cell phone doesn’t cut it to recover debt these days. Depending on your type of business, it is crucial to acquire as much information as possible to submit to the debt collection agency.
Although this doesn’t apply to every type of business, here are some helpful tips on what you should ask from your customer that can play a huge factor for higher debt recovery:
1) Social Security Number
2) Drivers License Number
3) Employer and employer phone
4) Name of spouse and his/her cell phone
5) Emergency Contact Name and Number
When applicable to those who give you this information, make sure you forward all of this to your collection agency. This could raise your debt recovery on account by up to 50%.
Although collection agencies have software to aid with recovery, it will never be as accurate as the information you can provide as a client. Gather more information and watch your debt collections soar thru the roof!
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