Chapter 13
Bringing in Outside Collections Professionals
In This Chapter
Hiring a collections professional
Understanding what professionals can do for your case
Finding qualified professionals
Budgeting for professional services
Firing a bad professional
Debts aren’t fine wine, and they definitely don’t become more enchanting with age. The older a debt gets, the less collectible it becomes. Sometimes you need to call in the reinforcements: debt collection professionals.
But how do you figure out where to find professionals, what credentials to look for, which one to hire, and how the system really works so you can get your money’s worth? How do you make your collection professional an extension of your in-house collection team — the next logical person to turn to when the going gets tough? That’s what this chapter is all about.
How Outside Debt Collection Professionals Can Help You
An entire industry exists to help you collect money that’s owed to you. Debt collection firms operate around the world and offer an array of services.
Most debt collection companies prefer to become part of your collection team instead of being perceived as outside contractors. Depending on the scale of your operation and your needs, debt collection services may propose to
Have their people work at your company.
Answer phones under your business name.
Process forms and paperwork to facilitate billing and collections, such as completing and filing forms for payment from insurance companies.
The purpose ...
