Any business thrives on the payments they get for their products or services. The problem is, not all customers are trustworthy. You likely have more urgent things to do than making phone calls or writing letters every now and then to collect delinquent debts. Not to mention that the older a debt grows, collection becomes more difficult. If your efforts have been largely unsuccessful or you just no longer have the time or energy to keep going, you can hire professionals, such as Fox Collection Agency, to do the job for you.
Successful Debt Recovery
A collection agency automatically raises your chances of collecting money owed. As you focus on the daily affairs of your business, a collection agency can handle your debtors. Remember, these agents, especially at Fox Collections, are trained professionals, so they have more knowledge and experience when it comes to debt recovery than you. Additionally, they have established ties with credit bureaus, allowing them to report unpaid debts whenever needed. Most of all, debtors know this and how much their credit scores can suffer from a collection account. Therefore, they will usually be willing to cooperate with collectors, such as those at Fox Collection Agency, if only to avoid credit damage.
Collection agencies such as Fox Collections know that various businesses will have various needs in terms of debt recovery. This flexibility of collection agencies means you have big chances of finding the one that fits your business model like a glove. Such agencies may charge you a flat rate or a commission from each recovered debt. Another option for you is selling the debt and writing it off as a tax loss. It’s really just an issue of talking to the agency and mutually deciding which option is best for you.
With the various state and federal laws affecting the debt collection industry, consumers are not probably going stop short of filing a case for harassment or any related violation. If you hardly know a thing about these laws, debt collection is actually bursting with latent legal problems. Third-party collectors know all these laws so they make your debt collection efforts legally safe. Of course, you need to hire a good collector like Fox Collection Agency to make sure that you are indeed protected.
Part of collection agencies’ debt collection processes is keeping records of all communication with debtors. In case there is a need for you to sue a debtor in the future, the agency can help you build a strong case. Even if you sell the debt, you’ll still use all those records when writing off the debt as a tax loss, most especially if you are audited by the IRS.