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Choosing the right debt collections partner

The right debt collections partner can be a great asset to any business operation.  By placing delinquent accounts with a debt collections agency that understands your needs, including the need to maintain a positive public image, it is possible to collect those otherwise noncollectable past due debts and still be well thought of among consumers and in your industry.  Here are a couple of things to consider before choosing your debt collections partner.

Take some time to look into the policies and practices of each potential debt collections partner.  Ideally, you want to see procedures that are ethical and well within the limits of current laws. While many agencies operate with a high degree of integrity, others are not above using questionable methods.  Make sure you are aligning your fortunes with a partner who is honest will serve you well, and not one that uses methods that go against your corporate culture.

Also look into what others think of any debt collections agency you are considering as a future partner.  Check with consumer reporting agencies and other watchdog groups to determine if there is any type of activity that indicates inefficiency or other questionable behavior.  If there is enough evidence to indicate a recurring pattern that could hurt your company's good name, move your attention to another potential partner.

Choosing a debt collections partner that honors the same values as your company will go a long way toward making the relationship mutually beneficial.  At the same time, the right partner will likely improve the rate of collections and also ensure that your company does receive more of the money it is owed.

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