Debt collectors often get a bad reputation for being bothersome, cold, and not understanding. In reality, collection agencies approach debt collection with a multitude of approaches. This is due to a realization that each and every debtor is different.
Methods: While debt collection agencies are aggressive in pursuit of debt, the main goal is to get in contact with the debtor and recover at least part of the funds. Professional calls and letters are used initially, inviting the debtor to communicate with the agency. Skip tracing may be used to track missing debtors by searching for leads using known information, and legal action may be taken very rarely. Regardless, collection agencies must remain professional and non-threatening to be successful, and there are many legal codes and guidelines to be followed as well.
Cost: Debt collection services actually shouldn’t cost anything unless recovery efforts are successful. Commercial collection agencies typically take a percentage of recovered funds—and that’s all they should take. Be wary of agencies that charge upfront fees.
With a high payout scale and recovery rate, Rapid Recovery Solution allows businesses of all sizes to recover owed debts without risk and additional cost.