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Is Your Debt Collection Agency Addressing These 5 Pain Points?

Are you working with a debt collection agency that’s not getting the job done? If you’re not seeing results, it might be time to consider switching to a new agency. But how can you be sure the new agency will be any better?

Before you make the switch, take a look at these five pain points. A good debt collection agency should be able to address all of them. If they can’t, then they’re not worth your time or money.

1. Lack of Communication

One of the biggest pain points for businesses working with debt collection agencies is a lack of communication. It can be extremely frustrating when you’re trying to get information about a case and the agency either won’t return your calls or takes days to get back to you.

A good debt collection agency will keep you updated on the status of your case and let you know what’s going on every step of the way. They understand that communication is key to maintaining a good relationship with their clients.

And they meet you where you are through the communication channels of your choice. You are their customer, and they don’t forget it. 

2. Ineffective Tactics

Another pain point is when an agency uses ineffective tactics to collect debts. This can include calling multiple times a day, sending threatening letters, or even making personal visits to the debtor’s home or place of business. Not only are these tactics ineffective, but they can also damage your reputation as a business.

Worse, they can even send up red flags to government officials. That’s because each of the tactics mentioned above is expressly forbidden from a regulatory standpoint. 

Collection agencies should know the FDCPA inside and out, so if they’re not following it, they’re either blatantly breaking the rules or too dumb to know those rules exist in the first place. Either way, it’s a bad look for your business.

A good debt collection agency will use proven methods that get results without resorting to harassment. They understand that debtors are more likely to pay if they’re treated fairly and with respect.

3. Lack of Results

Of course, one of the biggest pain points is when an agency fails to produce results. If you’re paying an agency to collect debts and they’re not succeeding, or whatever they are collecting isn’t worth the time and hassle, then it’s time to find a new one. 

Look for an agency with a proven track record of success. Ask for references and check online reviews before making your decision. A credible agency will have no problem pointing you to what others who’ve worked with them are saying. 

4. Hidden Fees

Some debt collection agencies will try to sneak in hidden fees that you weren’t expecting. This can include things like set-up fees, monthly maintenance fees, or even commissions on debts that are collected. Be sure to ask about all fees upfront so there are no surprises later on down the road.

Try to get a high-end number and a low-end based on the average percentage of debt that the company is typically able to collect. This will give you an even better idea of what to expect revenue-wise. 

5. Unethical Practices

Sadly, there are some unscrupulous agencies out there that use unethical practices to collect debts. This can include lying to debtors, using profanity, or even making false promises about payment plans or settlements. If an agency uses these types of practices, it will only reflect poorly on your business.

And going back to the FDCPA, it can result in unwanted legal attention. While most of that attention will be aimed at the agency itself, it can do unfortunate reputation damage if it gets out that you were working with them. 

Chase Excellence

While no debt collection agency is perfect, there are certain standards that a good one should meet in order to be worth your time and money. Be sure to look for an agency that communicates well, uses effective tactics, produces results, and charges reasonable fees without resorting to unethical practices. 

With a little bit of research, you should be able to find an agency that meets all of your needs and helps you collect the money you’re owed without any headaches or hassle. For several years, Southwest Recovery Services has helped businesses throughout the United States collect on delinquent accounts and get the revenue they earned. They can help you, too. Contact them today to learn more. 

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