Do you know if the collection agency you are hiring to recover your debt is reliable or not? Read the article to know more.
Are you a business owner who has numerous unpaid invoices screaming for your attention? If yes, then you must be thinking of taking some measure to solve this issue. Are you thinking that you can take care of these debts alone? If yes, then you are seriously mistaken. You have more important things to take care of. In such a situation, hiring an agency for debt collection can be helpful for you. But while doing so, you need to take care of the fact if the agency is fraudulent or not.
When there is a lot of money involved, it is natural that there will be many scams and fraudulent activities involved too. Often, unfortunately, you might come across frauds that will appear to be quite reputed while searching for debt collection agency. So, how will you determine whether the agency is reliable or not? Well, there are always some tell-a-tale signs that will give away that you should not trust them. What signs am I talking about? Take a look at the following points to know more.
No Proof of Experience
Debt collection agencies should have their documents ready when the clients will ask a proof of their prior experience. Since there is money involved, it is natural that you will look for experience. But if the agency you are considering fails or refuses to show the documents regarding their experience in the field, be wary of hiring them. When you are trying to recover the debt, there is no point to losing it in the hands of some frauds.
No Bond or License
Federal laws are very strict in the case of debt collection. Only a licensed agency can operate abiding all the rules and regulations regarding debt collection. Moreover, obtaining a license is a quite difficult process if the agency doesn’t follow the standards o0f debt collection law. So, when you are hiring a debt collection agency, it is necessary for you to see their license. Only then you will know that they are trustworthy. But if the agency fails to produce the license, then steer clear of them. It points to the fact that they have not followed the standards by law and surely they are not the ideal people to recover the debt.
No Insurance
A good debt collection agency should have insurance. If the debtor is skipping town, refusing to pay the debt intentionally and is well informed, then he might drag you and the debt collection agency to court. If the agency is insured, then you don’t have to be the liable person for the process and its complexities of business debt collection. If the company doesn’t have insurance, there are chances that they might rob you of your money in the name of legal complications.
Previous Record of Misdemeanor
Maybe the company you are hiring is a right one but they have records of past misdemeanor in debt collection cases. When it is a financial matter and your reputation is at stake, it is better if you don’t hire them because of such a record. You never know where you will end up while dealing with them.
So, now as you know about the signs, I am sure you will be able to find out the right agency to deal with your case.
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