The Ultimate Guide to

March 16, 2019

Miscellaneous

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Advantages of Hiring a Collection Agency

In order to thrive, a business needs payment for each product or service offered. 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. On top of that, debts grow old and become harder to collect. If you have had no success or you just don’t have the time or energy to continue, you can work with experts such as Fox Collection Agency.

High Debt Collection Rate

If you partner with a collection agency, you have much better chances of collecting unpaid debts. You can focus on running your business while a collection agency deals with your debtors. Keep in mind that these agents are professionals, which means they are highly trained, knowledgeable and experienced in debt recovery, especially when you talk about Fox Collections. Additionally, they have established ties with credit bureaus, allowing them to report unpaid debts whenever needed. Best thing is debtors are well aware of this and how a collection account can affect their credit scores. Hence, they will probably work with collectors, like Fox Collection Agency, just to avoid ruining their credit.

Flexibility

It is common knowledge among collection agencies that businesses have unique needs, even with collections. 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.

Legal Protection

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 are masters of these laws, so your debt recovery efforts are essentially safe. Certainly, you have to choose a reputable agency like Fox Collection Agency to ensure that you are actually protected as you must be.

Documentation

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 decide to write off the debt as a tax loss, you’ll also need such documentation for your tax files, most especially in an IRS audit scenario.

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