Read these 3 Collection Agency Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Collection Agency tips and hundreds of other topics.
Collection agencies provide a service to businesses that want to serve some of the following needs.
1. A company is too small to have a collection department of their own.
2. A company lacks the expertise to collect the money themselves.
3. A company wants to protect their company image and not get their hands "dirty."
4. A company thinks a collection agency will get faster results.
A collection agency is an organization that obtains or arranges for payment of money owed to a third party; this could be a person or a company. Sometimes this is even a task taken on by an attorney or a law firm. The collection agency typically develops a fee structure based on a percentage of the moneys collected from bad debtors.
Collection Agency Tips:
Fact: Collection agencies nationwide have tripled their income in the past 10 years and boosted staff levels by 50 percent in the past five years, according to industry figures.
Fact: In the past three years, fewer than 1 percent of consumers who dealt with a collection agency filed a complaint with the association.
|Jennifer Mathes, Ph.D.|