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. Not to mention that the older a debt grows, collection becomes more difficult. If you have constantly failed or you have run out of time or energy, you can partner with professionals like Fox Collection Agency.
Successful Debt Recovery
If you partner with a collection agency, you have much better chances of collecting unpaid debts. While you focus mainly on your daily operations, a collection agency can take care of 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.
Collection agencies such as Fox Collections know that various businesses will have various needs in terms of debt recovery. 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 may pursue debtors for a fixed fee, while others get a commission for every successful collection. 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. 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.
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.