Selecting a collection agency for your business needs can be a challenging task. Each agency offers its’ own set of programs, promotions and rates. Make sure the agency you choose provides the services that are important to you, whether it is skiptracing resources, credit bureau reporting or customized reports. While rates may seem to be the most important factor, be careful, the agency with the lowest rate may not be the one that returns the highest dollar amount.
Recovery v. Rate
What increases Recovery?
✓ Ethics, Integrity and Compliance
Clients can be assured that Express Collections and its staff will treat our clients and their customers with the highest levels of professionalism and integrity. Our goal is to be a partner with our client’s, not just another service provider. We strive to maintain the relationship between customer and creditor to promote repeat business.
✓ Accounts Assigned Ratio
The key to successful collection is debtor communication. The more frequent your accounts are worked the higher the recovery. This is why Express Collections assigns one-third less accounts to each representative than most collection services. Our commitment is that each account will be worked thoroughly and to completion regardless of the age or balance.
Our account representatives receive on-going training in the FDCPA, FCRA and HIPAA by attending several educational classes and tele-seminars to obtain their Collection Specialist Certification from ACA. Laws and regulations change constantly. As members of ACA, we are kept informed when these changes happen, not just for our industry, but for those we service as well.
✓ Online Services and Resources
Our account representatives have access to many on-line services and resources, including: County websites for property information, premium online skiptracing services, vehicle registrations, public records, and internet location websites.
✓ Reporting to a Credit Bureau
Not all collection agencies report accounts to a credit bureau. Credit reporting helps in locating lost or skipped consumers and makes the debt a higher priority. Our clients have the option of reporting accounts to the Credit Bureau when they are assigned for collection. This service is provided at no additional charge. You can be assured that our office complies with all Fair Credit Reporting Act laws and regulations.
✓ When to Place an Account for Collections
In reality, there is no perfect time frame because each account will have its’ own unique situation. However, the longer you wait, the more difficult an account can be to collect. Generally, accounts between 90-120 days old should be looked at for outside placement, but sometimes the decision to place an account will come sooner or later.
The sales and management staff at Express Collections will assist discuss these issues with creditors with developing a realistic timeline to refer accounts for collections based on individual needs and expectations.
Express Collections strides itself in being the best as can be. Based on the average recovery rates across the country, we are more than doubt the national average of accounts collected.