Here are a few tips on how to utilize debt collection services and maintain a sparkling reputation: Now that you know what to look for in a debt collection agency, it’s time to find the company that will be most beneficial to you. BBB Start with Trust ®. They’ll be in charge of answering any questions you might have about debt collection. Atradius Collections speaks your language, as well as your customer's language, and we understand local cultures and processes. The debt collection company keeps a percentage of the total amount of debt. Since 1992, Bison Credit Solutions has helped businesses collect accounts from all over Canada. This debt collection company has been around for more than 30 years now and has assisted more than 8,000 health clubs with their debt problems. Debt collection is the process of pursuing payments of debts owed by individuals or businesses. Transworld Systems Collection Agency does loan servicing and accounts receivable for some companies. It’s important to know the legalities of your own business. Consider how long you’ve been trying to collect money from your customer. The Fair Credit Reporting Act exists to make sure that the information on an individual’s credit report is accurate. Avoid agencies that have been called out for aggressive tactics or have reviews that indicate shady practices, including threatening or hostile communications with customers. The average American household is carrying around more than $137,000 worth of debt right now. While most don’t have sign-up fees, many will only deal with accounts with a set minimum balance or a minimum number of accounts. This works for a low number of clients who have not paid but is not ideal if you need regular services. If you own a gym, a health club, or another fitness-related establishment, they can help you. Creditors are trying their best to find ways to encourage people to pay off their debts, but it just doesn’t seem to be working in many cases. On average, however, agencies have about a 20% success rate. While this may seem low, these are funds that would otherwise have gone completely unrecovered. You don’t want to spend too much more just to get paid the amount you should have already received. 3. With that said, we tried to focus on agencies with a high rating and accreditation with the Better Business Bureau. Finally, we liked agencies that also offered educational resources and customer support to help small businesses better manage accounts receivable and collections. It’ll allow you to paint a clearer picture as far as what an agency is all about. There are more than 70 million Americans with at least one debt in collections at the moment. Based in Arkansas, ABC Financial Services specializes in providing debt collection services to the health and fitness industry. ESP is one of the best commercial debt collection agencies specializing in account receivables management . By contrast, debt buyers purchase past-due accounts from businesses for a few cents on the dollar of what’s owed. Other debt collection companies do what’s called contingency debt collection. We reviewed over a dozen debt collection agencies and chose the best ones based on how easy they are to work with, fees, and best practices that balance pursuing debtors and maintaining good customer relationships. We are the only Debt Collection Agency awarded Gold Supplier Status by the ISA. 6 We chose it as the best for B2B collections because it offers quick, efficient debt collection services and excellent customer service. Here are our top choices. When looking to add one or more agencies, businesses may download our free guide about “How to Find the Best Debt Collection Agency.” Better Business Bureau. You can learn more about the standards we follow in producing accurate, unbiased content in our, The 5 Best Debt Collection Agencies of 2021, We publish unbiased reviews; our opinions are our own and are not influenced by payments from advertisers. They’ve received glowing endorsements from many of their former and current clients. Aorangi Debt Collection is a leader among its peers who are one of the best debt collector business. Consumers have rights that debt collectors need to be aware of at all times. Make Payments online (877) 237-8500. Summit focuses on creating a custom approach for each account it maintains. Sometimes, it doesn’t go this smoothly. Rocket Receivables charges from $14.95 to $21.95 per account paid upfront, with 100% of the collected balances going to the business. Prestige Services, Inc. (PSI) is a Nebraska-based debt collection agency founded in 1996 that specializes in commercial account recovery. So it shouldn’t come as a surprise to hear that there are thousands of debt collection agencies scattered across the U.S. right now. A partner will be in touch to discuss your needs. Then, they come up with a plan for repaying their debts based on their finances. We use it every day and we would be doomed without it. These are professional firms that offer credit/debt management, collection and debt advisory services. Must live in a state that American Credit Card Solutions serves, $10,000+ in unsecured debt, legitimate financial hardship which is preventing the ability to pay creditors. American Credit Card Solutions. If you’ve never worked with debt collectors before, it can be a little bit intimidating finding one for the first time. Ask About Collection Letter Services: Some debt collection firms will mail out several letters to the debtor, each one becoming more aggressive as to the ramifications of ignoring the letter. Debt collectors can only call you between 8 a.m. and 9 p.m. Make sure to choose a reputable company that adheres to HIPPA guidelines. "Support Collectors, Inc." Accessed May 13, 2020. Every debt collection agency operates a little bit differently. While some customers may try to pull a fast on you, most of the time there are other factors that keep customers from paying. It’s important to note that debt collectors don’t buy delinquent accounts, they simply try to collect money owed to a business. We’ve gathered information on the top Collection Agencies, user reviews, buying tips, and made it easy to get the best price from companies in your area. NSB provides clients regular updates on past-due accounts, has an online portal for clients to manage accounts, and maintains an online payment portal for debtors. Debt collection agencies have the training and resources to collect past-due accounts after most businesses have given up. Hiring debt collectors from a reputable collection agency might be your only option. They can provide you with more information about an agency so you know what to expect from them. As a business owner, there is nothing worse than carrying around bad debt for years at a time. National Recovery Agency is widely regarded as one of the best debt collection companies by both consumers and businesses alike. And they even provide them with an online portal that makes it easy to see how much money they’ve collected for companies. Is your business interested in hiring a debt collection agency? Rocket Receivables is a subsidiary of TSI, a leading provider of outsourced accounts receivable management that provides simplified debt recovery solutions for small businesses. Some of the most common types of debt in the United States are medical debt, credit card debt, and student debt. Debtors can pay their accounts via check, credit card, or the online portal. 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