A Simple Plan:

March 3, 2019

Miscellaneous

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Why You Should Work with a Collection Agency

Any business thrives on the payments they get for their products or services. The problem is, not all customers are trustworthy. You probably have more urgent tasks to do than calling people or writing letters to collect delinquent debts. 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.

High Debt Collection Rate

If you partner with a collection agency, you have much better chances of collecting unpaid debts. As you focus on the daily affairs of your business, a collection agency can handle 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 of all, debtors are aware of this and how big an impact a collection account can make on their credit scores. Therefore, they will usually be willing to cooperate with collectors, such as those at Fox Collection Agency, if only to avoid credit damage.

Flexibility

Collection agencies like Fox Collections know that business owners’ needs are different when it comes to recovering overdue debt. Because of the flexibility of collection agencies, you are likely to find one that is just the perfect fit for your business model. These agencies are either paid a flat fee or a commission from all the debts they successfully recover. Some will also just buy the debt outright and you can 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.

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. Of course, you need to hire a good collector like Fox Collection Agency to make sure that you are indeed protected.

Record Maintenance

Part of collection agencies’ debt collection processes is keeping records of all communication with debtors. Should there be a need to file a case against a debtor, the agency will supply all the documents needed to establish your 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.