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Selecting a Qualified Professional Collector To obtain the greatest possible bad debt recovery, choose a collection agency carefully. This is important since the collector will be handling your money in a fiduciary capacity and should be fully responsible in this respect. Also, the collector's personal and business conduct will reflect your own policies. Qualifications of a Collector You should consider the following qualifications and credentials when you choose a collector: He is usually a member of a national association of bonded collectors. His membership is an indication of his integrity. He has a good reputation in the community with merchants, members of the medical profession, and other credit grantors. He has complied with his state's statutory requirements as to bonding or licensing or both. His rates and fees usually are on a contingent fee basis - no collection, no charge. Fees are clearly stated and seldom subject to misinterpretations. If he requests a written contract, he will welcome your having it reviewed by an attorney. He must be able to place accounts with other collectors in other areas of the country. This is known as "forwarding." He will account to the creditor on a specified date each month for all money collected. He will give the best possible effort. But he will not guarantee results on any specific date, as this would be misleading. He will be equipped to work and follow all accounts diligently for as long a period of time as required. |
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