Information is power, especially when it comes to debt collection. Providing your debt collection agency with the right information will assist the agency in recovering your business debt.
In order to ensure that your company collects the money it is owed, it is important to provide your debt collection agency with all required and applicable information.
Key elements a collection agency will need to collect your debt, is your debtor’s;
(SSN and/or DOB)
This information will aid a debt collection agency in tracking down difficult-to-locate debtors and will ensure they are pursuing the correct person.
We advise you to send whatever information you have, even if you think it is outdated or unimportant. A good collection agency can research using an old address or an old phone number.
Relevant documentation as signed contracts, invoices and other paperwork to support your debt are very useful as a debt collector can speak more intelligently when having the paperwork to back up the claim. The appropriate documentation is even more critical when it comes to recovering a “disputed” debt.
Most outstanding debts are pretty straight forward; a customer owes your company and is not paying. But if your debt has other factors that cloud the amount owed, make sure to notify your debt collection agency. It is also important that you notify a collection agency if an account has previously been disputed.
Notice of bankruptcy or an attorney letter of representation should always be conveyed to your debt collection agency immediately upon receipt. State and federal laws may impact the debt collection process if a debtor is represented by an attorney or under the protection of the bankruptcy courts.
Information you should not share with your debt collection agency.
Medical practices utilizing a debt collection agency should avoid sending health protected information not needed to recover an outstanding balance.
Thinking of hiring a collection agency but not sure where to start? We can help! Download our Submission Guide and Form.