There are many different kinds of debt collection agencies. When choosing which agency is right for you, you will want to consider the various types of agencies and find the one that best suits your needs.
In collecting debt, and to protect consumers, there are many regulations that must be followed. You will want to find a reputable collection agency that follows government regulations and laws, otherwise, the money collected may have to be returned and the collection agency could be sued.
One of the important regulations is the FDCPA. This stands for the Fair Debt Collection Practices Act, which regulates methods collection agencies can use to collect. An agency cannot make threats, must call during certain designated hours during the day, etc.
Another important law is the Fair Credit Reporting Act. Debt collectors must ensure that what they are reporting to credit is accurate and timely.
You will want to ask debt collectors what methods they use in order to collect. This can be important to your business because you will want to hire an agency whose tactics are both effective and above board.
At Cascade Collections we use skip tracing to help us locate debtors whose contact information is no longer up-to-date. Another method we use is debt discounting. This simply means that on a case-by-case basis we will, with the client’s permission, reduce the amount of debt the defendant will have to pay. Many times when a debt is very high, defendants may not be motivated to pay, but if they can see that a discount is available, they will be more likely to work with the collections agency in getting it paid off. Another method we use is credit reporting. We remind defendants that their bad debt may be reported and negatively affect their credit score, and for many people this is a good reason to pay off their debt in order to avoid that consequence.
If you’re looking for a thorough, honest, tactful collection agency, you need look no further. Give Cascade Collections a call today!