Choosing a Debt Collection Agency for Your Business

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debt

The Necessity of a Debt Collection Agency

While the economy of the United States rebounded from the economic recession of 2008, many average Americans struggle to pay their bills and build savings.

This means that credit card, mortgage, utility, and car loan companies may face increasing defaults on payments. Such companies do not have the manpower or resources to pursue clients for payments for their services. Instead, they can hire experienced debt collection agencies to do the heavy lifting.

Debt Collectors Specialize in Collecting Payments

While companies have billing departments, the staff may not be experienced in pursuing people who have defaulted on their payments. For instance, a hospital may seek payment for an emergency room visit by sending out letters and making phone calls. But after the third letter and the third phone call, people may still not respond. Therefore, a debt collection agency will continue to reach out to the patient and develop a payment plan, if necessary, to help the patient pay the bill. Debt collectors have the resources and strategies for locating customers and developing payment solutions.

A quality debt collection agency understands that people are not avoiding their bills intentionally, but are honestly struggling to make ends meet. People experience times of hardship such as when they lose a job or when they must pay for unexpected expenses, such as a hospital bill. Experienced debt collection agencies employ pro-active customer oriented solutions, so people feel safe reaching out to them about the hardships they face. Getting in contact with a customer is one of the first steps in collecting money. By establishing a trusting relationship, a debt collection agency can effectively work with a client to receive payments in a timely fashion.

What to Look for in a Debt Collection Agency

It is vitally important to work with an agency that employs proactive, respectful strategies. When choosing an agency to do the important task of collecting the money owed to your company, select one with positive strategies.

There are several other important factors to consider:

  • Choose a debt collection agency with a proven track record of success.
  • Select an agency with a proven record of using positive meditation methods in addition to positive collection methods. A debt collection agency that has been sued for using aggressive collection tactics is not a brand that you want to work with.
  • Debt collection agencies specialize in certain types of collection. For instance, an agency may specialize in home mortgages or car loans. Make sure that whichever business you choose has experience working with a specific industry.
  • How many years of experience does the agency have? With more experience, the associates will better understand how to collect debt and engage in meditations effectively.
  • How does the agency collect fees? Some debt collection agencies have a flat fee and others may have a commission agrees upon beforehand. Most agencies use the contingency model. This means if a debt is not collected, then there will not be a charge. If a debt is collected, then the agency charges between 25 to 45 percent of the total debt collected. It is usually more effective for companies to choose an agency with a contingency model.

Miller Stark Klein – Proven Results

Miller Stark Klein is a debt collection agency that fits the bill. Miller Stark Klein and Associates has a proven track record of success with over 20 years of combined experience in mediations. They have a successful recovery rate and treat those in debt with respect and understanding. How do they accomplish this difficult task? MSK associates listen to the consumer, understand the problem, and find a solution with the customer. This strategy results in a partnership and resolution that allows customers to pay their debts completely.

Miller Stark Klein and Associates are highly trained in federal, state, and local laws concerning debt collection. The Fair Debt Collection Practices Act (FDCPA) is their handbook and guide to effective and fair practices. They provide proactive client friendly solutions so that businesses receive their payments and maintain a customer base at the same time. Miller Stark Klein’s client brand protection approach ensures that their practices strengthen customer loyalty. MSK focuses on the rehabilitation of the delinquent consumers.

Supporting people builds trust and loyalty. Miller Stark Klein’s experiences prove that proactive tactics are the most effective and are a win-win-win for everyone involved.

Miller Stark Klein both purchases and sells debt for all types of industries. The agency specializes in the medical collection, student loans, credit card debt, retail card debt, auto loans, personal loans, consumer collections, and business loans. With over 20 years of combined experience, they have proven experience in all of these industries.

For more information about how Miller Stark Klein would serve your business, contact them at (888) 813-6630.