3 Signs You’re Working with a Professional Debt Collection Agency

February 20, 2019
If your business is ready to invest in a professional debt collection agency to improve your chances of collecting the money that you are owed from consumers, clients, patients or other businesses, it can be hard to sort through which agencies are legitimate. There are many who are reputable, but there are also agencies who don’t adhere to the law and may soil your reputation in the collection process. What are the signs that you are working with a reputable professional debt collection agency?

Reputation

In doing your research, a high rating with the Better Business Bureau is a good indication that the agency is legitimate and reputable. If any concerns were raised with the BBB you can also see how the agency responded. Just like with any other business it is important to see how an organization handles a situation that didn’t go smoothly from the start. Additionally, you may find reviews on search engines. These can be a double-edged sword as some are not related to the work they do. You have to be careful with the credibility of the reviews and reviewers themselves. That said, a long list of complaints – especially if they are recent – can be a red flag.

Referrals Are Available 

Ask the company you are looking at if they can provide you with referrals, especially from within your industry. Follow up with each referral to ask about their experience with the agency. Was the experience pleasant? Were they able to collect successfully? What were the downsides, if any, of working with that agency? The time you invest in calling referrals and reading reviews is much less than you will spend undoing the damage from hiring a low-quality agency.

Integrity Matters

Integrity is everything in the debt collection industry, and you should never partner with a company that upholds unethical or questionable standards. Companies that use those methods aren’t just able to damage your reputation—they could also lead your company to face litigation for their practices, even if you were not aware they were breaking the law. Under the Fair Debt Collection Practices Act (FDCPA), professional debt collection agencies cannot:
  • Threaten debtors with violence or harm
  • Threaten garnishment or seizure unless they are legally able to and intending on taking such an action
  • Call debtors before 8 AM or after 9 PM, unless the debtor agreed to be contacted then
  • Call debtors at inconvenient places, like their work
  • Contact friends or family members more than once
  • Make false statements
  • Send documents that appear as if they are legal or court documents, but are not
While the FDCPA only applies to consumer debt, it’s essential that you understand what practices your potential agency utilizes. Your reputation is on the line. You should also check to see if the agency has any memberships in professional debt collection associations, which is a sign of oversight and adherence to regulations.

Advanced Technology 

Excellent collection agencies are armed with the right technology and tools to ensure the highest collection rate possible. What types of technology do today’s professional debt collection agencies utilize?
  • Skip-tracing technology, which can be used to locate hard-to-track customers (like those who move without a forwarding address or change addresses and phone numbers frequently)
  • Online payment portals that allow customers to make payments on line

Partner with Alacrity Collections, a Professional Debt Collection Agency

Alacrity Collections is proud to be a leader in commercial collections. We achieve great results that are over twice the national average and treat all of our customers with dignity and respect, on social media and offline. We work tirelessly to protect your brand and improve your net returns. To learn more about our offerings and get in touch, please call us at 1-800-752-9663 or set up a phone appointment directly on our representative’s calendar via this link: www.calendly.com/hheemann.