Here are the steps to hiring a debt collection agency in Kentucky
1. Verify Licensing and Reputation:
- Licensing: Make sure the agency is licensed to collect debt in Kentucky. The Kentucky Office of the Attorney General maintains a list of licensed collectors https://revenue.ky.gov/Collections/Pages/default.aspx.
- Reputation: Look for agencies with positive online reviews and a good Better Business Bureau (BBB) rating https://www.bbb.org/.
2. Consider Specialization:
Like in North Carolina, Kentucky agencies might specialize in certain industries. Choose an agency with experience in your field, whether it’s healthcare, construction, or another sector.
3. Ask About Their Process:
- Communication: How will they update you on progress?
- Approach: Ensure their methods comply with the Fair Debt Collection Practices Act (FDCPA) outlined by the Federal Trade Commission (FTC) https://www.ftc.gov/legal-library/browse/rules/fair-debt-collection-practices-act-text.
- Technology: Do they use technology to optimize collections?
4. Fees and Contracts:
- Collection Rates: These are typically a percentage of the amount collected. Ask about their fee structure and any upfront costs.
- Contract Review: Read the contract thoroughly before signing. Understand the terms of service, fee structure, and debt collection timeline.
5. Get Multiple Quotes:
Compare fees, collection rates, and collection approach by getting quotes from several reputable Kentucky agencies.
Here are some additional resources specific to Kentucky:
- The Kentucky Attorney General’s Consumer Protection Division https://www.ag.ky.gov/about/Office-Divisions/OCP/Pages/default.aspx offers resources and guidance on debt collection.
By following these steps, you can increase your chances of finding a qualified and ethical debt collection agency in Kentucky to recover your owed funds.
At New World Collections we are experts in all aspects of bad debt recovery. We have the answers! Contact Us
