When to Hire a Debt Collector
The initial collection efforts should always be made by the Creditor Company. If after three months from the due date your efforts do not prove successful, it is critical that you turn that claim over to a commercial collection agency to maximize full recovery potential.
STATISTICS ON PAST DUE ACCOUNTS ARE REVEALING
After only 3 months of being past due, almost 28% of delinquent accounts will never be collected.
At just 6 months past due, over 43% of delinquent accounts will go uncollected.
That means enlisting the support of a professional, bonded collection agency, such as COLLECTIVITY. The most advantageous time to enlist theses services is within 60-90 days of when an account is past due. Incorporating this strategy will help ensure maximum dollar recovery at the least cost to your organization. The conclusion is clearpast due receivables demand immediate and effective action. The more that your collections agency is integrated into your receivables process, the more it will appear a process of due course to your debtor. ?We always recognize that the debtor is a client and a customer first, and that at this time, they owe you past due money.
If your collection agency is fully integrated into your collections process, and is a relatively quick, and uneventful handoff, it will appear structured and business like, as opposed to a punitive action for being delinquent. ?This seamless flow from creditor (you) to debt collection agency, will increase the probability not only of recovering your debt, but of keeping the customer/client, and creating a more responsible client/customer in the future.