Hiring a Collection Agency

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Do you need a debt collection agency to handle your account receivables? Not all collection agencies are created equally. Here are some things you should look for when considering outsourcing your collection efforts to a third party collection agency:

  1. Longevity – How long has this agency been operating? There are many collection agencies that open and close very quickly. This is sometimes due to a lack of  focus on state and federal laws. Withstanding the test of time in this industry is  typically a good indicator that the collection agency is handling their operations and collection efforts in an appropriate fashion.
  2. Licensing – Prior to hiring a collection agency, be sure to look into their licensing. Each state has their own process and requirements for licensing. This is an important conversation to have with the prospective agency to determine where they can legally collect debt on your behalf.
  3. Online Presence – While it may not seem intuitively of great importance, take a look online and see what people have to say about the agency in question. A good resource for this is simply going to a search engine and typing “(company name) reviews” This should provide a list of multiple platforms where past consumers that have had dealings with that agency have left reviews. For instance, click the  following hyperlinks to take a look at Eastpoint Recovery Group, Inc. Reviews!  Google Reviews
  4. Complaints – Many collection agencies have a myriad of complaints that are unresolved, against their office. It is important to note, you should absolutely pay attention to whether or not if there is a complaint, whether or not it was addressed by the agency. If an agency leaves these matters unattended it may be a sign that they don’t pay close attention to these matters .

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