Collection Agency

Welcome to Collection Agency information. Our goal is to provide free and accurate information on collection agencies, debt collection laws and best practices for in-house collections. We are committed to finding the freshest and relevant collection agency information for you from multiple sources including industry publications and expert authors. We have high standards and we want you to recover your money as quickly as possible.
Collection Agency

Collection Agencies

We know that the decision to use a collection agency isn't one to be taken lightly. What will happen to your reputation? What will your customers or patients think of you? How will [...]

Letter For Debt Collection

Letter For Debt Collection is free for your use. The Letter For Debt Collection should be used when a customer refuses to pay their delinquent balance, but before you send them on to collections. The Letter For Debt Collection is an attempt to motivate clients or patients to settle their bills before taking debt collection action. Just cut, paste, fill in your information and send.
Letter For Debt Collection
[Your Name]
[Street Address]
[City, ST ZIP Code]
July 1, 2012
[Recipient Name]
[Title]
[Company Name]
[Street Address]
[City, ST ZIP Code]
Dear [Recipient Name]:
We have attempted to reach you over the last 90 days without success [...]

Debt Collection Letter

Debt Collection Letter is free for your use. The Debt Collection Letter should be used to try get a customer to pay their delinquent before you send them on to collections. The Debt Collection Letter is an attempt to motivate clients or patients to pay now to avoid debt collection action. Just cut, paste, fill in your information and send.
Debt Collection Letter
[Your Name]
[Street Address]
[City, ST ZIP Code]
July 1, 2012
[Recipient Name]
[Title]
[Company Name]
[Street Address]
[City, ST ZIP Code]
Dear [Recipient Name]:
As you are aware, payment is past due on your account in the amount of 12,971.33. Copies of the outstanding [...]

Bill Collection Letter

Bill Collection Letter is free for your use. The Bill Collection Letter should be used to try get a customer to pay their delinquent before you send them on to collections. The Bill Collection Letter is an attempt to motivate clients or patients to pay now to avoid debt collection action. Just cut, paste, fill in your information and send.
Bill Collection Letter
[Your Name]
[Street Address]
[City, ST ZIP Code]
July 1, 2012
[Recipient Name]
[Title]
[Company Name]
[Street Address]
[City, ST ZIP Code]
Dear [Recipient Name]:
Your account is seriously delinquent and has been assigned to our collections department. Our instructions are to have you pay [...]

The debt collections industry is increasingly regulated. Collection agencies have a bad reputation because of their many abuses, both perceived and real against debtors. Some unscrupulous collection agencies were known to:

Use profane & abusive language.
Call and confront the debtor at work.
Call debtors to early or late based on the Fair Debt Collections Practices Act (FDCPA) guidelines.
Falsely tell debtors they could serve jail time for not paying.
Misrepresent themselves as law enforcement, lawyers or government officials.

These collection agency compliance abuses still can occur today when management is not invested in training collectors in compliance.
Debt collection agencies are increasingly finding themselves under attack [...]

If you are in a business that deals with lending money to people then you are automatically involved in debt collection. Many people believe that collection of debt is an easy process but the reality is that it is often a tedious and tiring job. Bad debt is a growing problem that is affecting businesses of all sizes and every company has its own share of non paying customers. If you are finding it very difficult to deal with such customers, here are some tips that would speed up your debt collection.
Collection Of Debt
Know about the debtor : The first [...]

The Fair Debt Collection Practices Act (FDCPA) was created as a Federal statute in the year 1978, as Title VIII of the Consumer Credit Protection Act. The purpose of this act is to eliminate harassment of a consumer in the process of debt collection. The Act specified a list of do's and don'ts while collecting debt. It also defined the Consumer's rights under the Act.
FAIR DEBT COLLECTION PRACTICES ACT | FDCPA

The Fair Debt Collection Practices Act was intended to apply to third party debt collectors and not to the employees of the original creditor. Federal Courts [...]

Many companies are concerned about money owed to them by individuals or other organizations so it is very important for them to employ the professional help from collection agencies. Debt collection agencies are the ones who are well equipped and more knowledgeable when it comes to figuring out which methods to use to effectively collect debt from the debtors.
Businesses and companies should just concentrate on their operations and other ways to boost their revenue and leave the collections to the debt collection agencies instead to allow for 100% success rate on collections. It is important for a business to [...]

The rules and regulations governing commercial debt collections are completely different from the consumer debt collections. One can find lots of information related to consumer debt collection. There are many companies that specialize in this field. However, when it comes to commercial debt collection, it can be little tricky to find the right company that provides reliable and competent services. Any business-to-business collection of debt is known as commercial debt collection. In the consumer debt collection, it is between the business and the consumer. There are well-established laws governing how the commercial debts must be collected.
Commercial Debt Collections
Commercial debt collections [...]

If you have a substantial amount of past due accounts and you are not using a commercial collection agency, then you are leaving money on the table. Many businesses, especially small and medium size businesses will ignore the possibility of collecting overdue accounts with help from a professional agency. There is an attempt to collect internally, using employees in the accounts receivables department, but it ends there. A business owner needs to understand that this is a specialized area of business and there are companies that have the knowledge and skill set to recover much of the debt that has [...]