Why You Should Work with a Collection Agency
If a business must succeed, it should be paid for every product sold or service provided. However, customers are not all created dependable. You may have more pressing tasks to take care of than sending out letters or making repeated phone calls to collect overdue debt. Besides, the older the debt, the more challenging it is to collect. 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
Working with a collection agency substantially improves your odds of collecting longstanding debts. You can focus on running your business while a collection agency deals with 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. Moreover, they are well-connected with credit bureaus and will be able to report unpaid debts anytime. Most of all, debtors know this and how much their credit scores can suffer from a collection account. Hence, they will probably work with collectors, like Fox Collection Agency, just to avoid ruining their credit.
Collection agencies such as Fox Collections know that various businesses will have various needs in terms of debt recovery. Because these collection agencies are highly adaptable, you can be sure about finding one that meshes very well with your business model. Such agencies may charge you a flat rate or a commission from each recovered debt. You can also just sell the debt (some agencies will buy debts outright) and write it off as a tax loss. All you really need to do is to sit down with the agency and pick the most suitable option.
Many federal and state laws cover the debt collection industry, and educated consumers won’t hesitate to sue if they feel that they have been harassed or their rights violated. If you don’t know a lot about these laws, collecting debts is actually a minefield of potential legal issues. Because third-party collectors are highly knowledgeable about these laws, you can expect them to keep you legally safe. Definitely, it’s important to pick a reputable collector such as Fox Collection Agency to make sure that you indeed have such legal protection.
Collectors like Fox Collection Agency never take steps without proper documentation, especially when communicating 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. If you decide to claim the bad debt as a tax loss, this documentation will also be needed for your tax files, most especially if the IRS finds reason for an audit.