Recent national news coverage about the collections industry has brought into question some of the actions of a minority of Collections Agencies. This coverage has cast a negative light on the industry, but does not accurately represent the actions or commitment of Fairway Capital Recovery.
You may often hear collection agencies refer to themselves as “licensed, bonded and insured”—but what do those things really mean? In this article, we’ll take a closer look at each of these concepts and why they are important.
Many companies choose to outsource debt collection because they don’t have the time or expertise to do it themselves. Hiring a collection agency ensures that your staff can devote their time to other value-added initiatives, instead of stressing over collection calls. But before you hire a collection agency, here are ten questions to ask to help guarantee they are the right partner for you:
The majority of US states and some large cities require collection agencies to obtain a license in order to collect funds from their citizens. Just because an agency is licensed in your state does not mean they are licensed in every state. What happens if one of your customers moves to a state where your agency is not licensed? If they do attempt to collect, they could face serious legal ramifications that would reflect poorly on you, their client. That’s why it is critical to have an agency that is licensed in all 50 states.
If you are thinking about using a collection agency, it’s only natural to have some questions. Here are eight of the most frequently asked questions about engaging debt collection services:
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