Here are the steps on how to hire a debt collection agency:
- Do your research. Ask for referrals from friends, family, or business associates who have used debt collection agencies. You can also search online for reviews of different agencies.
- Verify the agency’s legitimacy. Make sure the agency is licensed and bonded in your state. You can check with your state’s attorney general’s office or the Better Business Bureau.
- Ask about the agency’s experience. How long have they been in business? What types of debts do they specialize in? What is their success rate?
- Get everything in writing. Before you hire an agency, make sure you have a written contract that outlines the terms of your agreement. This should include the fees the agency will charge, the types of collection activities they will use, and how they will communicate with you.
- Be prepared to provide information. The agency will need to collect information about the debts you want them to collect, such as the debtor’s name, address, and phone number. They may also need to collect information about the debt itself, such as the amount owed and the date it was due.
- Be patient. Debt collection can take time. Don’t expect the agency to collect all of your debts overnight.
Here are some additional tips for hiring a debt collection agency:
- Choose an agency that specializes in the type of debt you have. For example, if you have medical debt, you’ll want to choose an agency that specializes in collecting medical debt.
- Get quotes from several agencies before you make a decision.
- Make sure you understand the fees the agency will charge.
- Be clear about your expectations with the agency.
- Stay in communication with the agency throughout the collection process.
If you’re considering hiring a debt collection agency, it’s important to do your research and choose an agency that is reputable and experienced. By following these tips, you can increase your chances of successfully collecting your debts.
At New World Collections we are experts in all aspects of bad debt recovery. We have the answers! Contact Us