Collection Service Purchasing Advice & Buyer's Guide
- Types of Collection Agencies
There are different types of collection agencies with each one dealing with a particular type of debt. Some of the different types include: Financial Debt Collection. This type of collection agency deals with outstanding debts to banks and other financial institutions. These debts take the form of car loans, credit cards and even mortgages... - Working With a Collection Agency
Not many people ever think of what it would be like working with a collection agency. Due to the nature of this work, it is a job where you often get very rude answers and people hang up on you when you call them... - Collection Outsourcing
Collection outsourcing refers to passing your accounts over to a collection agency in an effort to recover bad debts. Often your accounts receivable office does not have the time to devote to concentrating on collecting the money from overdue accounts and as a result, just ordinary statements get sent out each month... - Debt Recovery
When the number of bad debts you have start to pile up you are losing a lot of the cash flow in your company because you have clients that just don’t pay. You can send out reminders and make telephone calls to the client. Once the client sees that he/she can use delaying tactics, such as promising to make payment... - Unsecured Debt Collection
An unsecured debt is one for which the creditor has no collateral to foreclose on should you default on the payment. For example, if you default on a car payment or your mortgage, then the creditor can take back the car or the house. He/she does not have this option... - Commercial Debt Collection
Using a commercial debt collection agency helps you to improve your cash flow by collecting bad debts. There are many reasons why a company passes an account over to a commercial debt collection service. It could be that the company has exhausted all its resources to collect... - Consumer Debt Collection
Consumer debt collection refers to collecting money that a creditor loaned a client for personal use. This is usually in the form of unsecured credit such as personal bank loans, credit card balances or revolving charge accounts at department stores. When repeated statements, notices and telephone calls do not result in any payment... - Credit Card Debt Collection
The rising number of people defaulting on their credit card payments has also given rise to the number of credit card debt collection agencies. As a result many credit card companies have to result to a charge-off, which means the creditor decides it cannot gain anything... - Bad Check Collection
As an owner of a business, there is a pretty good chance that at some time or another a customer will pass you a bad check. When you bring it to the bank you find you can’t cash it because the customer does not have enough funds to cover the amount of the check. Now you have to come up with a way of bad check collection... - Medical Debt Collection
The cost of medical care is quite high and many patients run up an extensive hospital or doctor’s bill. Then they find that they cannot possibly pay off the bill so they forget about any payments hoping it will just go away. For many health care professionals, this is what they encounter everyday...
