If your debtors are not receiving your calls or replying to your post mails and emails, then be alert as this could be a signal that is telling you to take a much more serious step to get back your debts. Generally, in these kinds of situations, what most entrepreneurs do is that they hire a debt collection lawyer to deal with the debtors. But if you hire a lawyer, you need to be prepared to spend heaps of money because you’ll not only have to pay his/her fees but also, pay additional court-related fees and other charges that are related to the lawsuit. Hence, I would suggest you don’t take the legal path and instead, hire a commercial collection agency.
The debt collectors working for a debt collection agency will do anything and everything possible to track down the debtors and compel them to pay back your money at the earliest. And the best part is that the amount they charge for providing this service is way lesser than the fee of a debt collection attorney. Hence, hiring a commercial collection agency would be a wise choice.
If you are Houston-based entrepreneur, then you wouldn’t find it difficult to look for debt collection agencies as there are so many of them! But before you zero down on any one collection agency service, you need to look for pointers that are telling you- “This Company is not worth hiring”.
To know more, just keep reading.
Pointer 1: They Don’t Have an Online Presence
If the commercial collection agency that you are planning to hire doesn’t have an online presence, then please refrain from hiring it. By online presence, I mean the agency should have an official website that consists of all the details related to the company such as the years of experience, information about the company’s legitimacy, details about the team, contact details (office address, contact number, fax, email ID), etc.
The reason why I’m suggesting you to hire a company that has an official website is because in this digital era, a well-informed website acts as a proof that the company is not a scammer and it truly belongs to the arena of business debt collection.
Please See: If not a website, the company’s name should at least be mentioned under the ‘List of commercial collection agencies in Houston’ of any reputed e-service directory or a listing website. If you don’t find their name in an e-service directory/listing website as well, then no point in hiring it.
Pointer 2: They Don’t Belong to a Reputed Commercial Collection Association
While choosing a debt collection agency, if you find out that they don’t belong to any well-known commercial collection association, then please do not hire them because that’s definitely a major pointer that is indicating you that the company hasn’t been able to strengthen its base in the field of business debt collection.
Additional Tip: Always try to hire a company that belongs to ACA (The Association of Credit and Collection Professionals) International because this is one of the most well-known commercial collection associations in Houston, USA. Also, try to choose the one that is BBB Accredited.
Pointer 3: They Are Asking for a Full Payment in Advance
In case the agency that you are thinking of hiring is asking you to pay their fees in advance, then it wouldn’t be a wise decision to choose them. Why? Well, it’s because you don’t know if they will be able to help you get back your business dues successfully or not. Instead, try to hire a company that charges contingent fees which means, they would charge a fixed percentage from the amount they will recover from the debtor.
So, while choosing a debt collection company, if you find any or all of these above-mentioned pointers, then please do not hire them and move on to a better company. For more details related to debt collection, please keep following me.
Author Bio- Jacob Green is a debt collector working for a reputed debt collection agency in Houston, USA. Read his blogs to get tips on choosing a commercial collection agency.