Transfer my debt to a collection agency immediately tenant is not my first choice. Me, I would point out first thing in the debt Experian, Equifax and TransUnion, and allow the debtor to the credit and work a few months before I gave it to an agency that will cost me a commission heavy.
Debt Collect tenant is very different from other debt collection, such as credit card debt. Collection agency represents you and your company, and could be brought to justice, mustviolate the law. And, equally as important as any legal issues, how well you recover the debt.
Equifax
I worked in the industry for 12 years and I believe that most collection agencies work hard, ethically and in compliance with the law. But, as in most industries, there are those agencies that I will be as renegades. They operate outside the law, or right on the edge. Unfortunately, these companies get all the press, so that all agencies in a bad light.
The fact of theWhat collection is that the industry meets the basic needs for the economy. Imagine if everyone could just stop paying the bills, without repercussions. Do you think that banks lend money to someone? And what would the prices of all goods and services?
Here is what I consider to pick the most important factors for the recruitment of agency debt tenant:
o The agency had checked the Federal Trade Commission (FTC), the violation? The FTC regulates and examines theField collection, with more than one injury that worries me.
o Is the agency licensed in all 50 states? Although this is not necessary to do business, helping to clarify this issue, companies that have a national presence and large enough to satisfy the needs of the state.
o If the company is bound and insured? If the company does not carry a minimum of $ 1 million for liability insurance, would not my business to them.
The participation of the agency orAmerican Collectors Association? Again, no need to work in the field, but it may interest and participation of the company must show in their industry.
The agency or debt Experian, Equifax and TransUnion? This is using one of the most extensive collection agencies to motivate a debtor to pay its debts. Not all companies report.
o What type of debt, the company specialize in? The list of types of debt collection agencies is extensive. Theircommercial or consumer debt for collection. Consumer debt is a car loan, credit cards, utility bills, mortgage, medical expenses, rent, etc. In order to collect debt tenant do a good job, understanding the terminology and the economy is of crucial importance. Very few national collection agency specializing in particular in the collection of that debt.
The company or collect judgments and non-judgmental account? Only a few companies to collect the debt for the owners to collect both types ofAccounts.
o Do they work for the account of the life of the account? And 'common for agencies that have received the latest news about the job harder. How old account is considered less collectable. Often, agencies will be working hard on the account for 8-10 months, and after they left almost exclusively to the credit bureau reporting to help collect the debt. It costs a company more than a collector of accounts to work before, so having a good agency expects to collect a higher fee. I want oneCompany, the account works as long as is legally possible. If the ratio is about the debt to credit agencies need to collect the debt, I can very easy and convenient to do, without paying a commission.
or agency to evaluate in advance the bills? In industry this is called "evaluation of the paper." Surprisingly, it boasts at least one company that specializes in tenant debt to them to evaluate the accounts before you start collecting at all. This enables the company is to spend timeand resources on debt that they "believe" are the most sought after by collectors. This reduces their head, but does nothing to help many of their customers. Landlord, the losers are those who rent the apartments, the average daily average people. You want an agency that focuses only on high-end properties, with well-to-do borrowers rent? You would get roughly the same amount of effort, if given the debt, Experian, Equifax and TransUnion yourself, for much less!
The agency or acceptingCollection of accounts from the host independent? At least one of the few agencies that specializes in national tenant debt, will have only on clients or fail to take a minimum of 100 rental units. This is because they do not want to be disturbed by calls for service from independent owners.
or will the company provide references from other owners, who use their services? References are important, so you can not only learn how well the agency collects money, butas well as with their customers. I've heard from agencies that mistreats its customers when they called with a known problem or concern.
an interview with you or the Agency on how best to recover their debt has to offer compared to other companies? If they do this, run! Running for a number of reasons: If so, earn more than other agencies do, how they do it? Did he threaten to hurt borrowers and the Fair Debt Collection Practices Act (FDCPA)? This could increase the chances of your beinginvolved in a dispute. Most likely, their boast is only a marketing ploy and a cheap at that. A global average of how much she means to collect about as much as what they for breakfast. In addition, you have no way to verify their claims. The truth is that nobody can predict how well you can pick up for you until you look at the accounts and work on them for a while '. In fact, it may take some years until they can not realistically assess whether the company was effectively taken.So, do your research in advance is very important.
o The cost agency a fee to take the debtor files? Provided to justify the charge, and it seems like they're a great company, I will continue to look for another company.
• What is the agency responsible for collecting your debt? This is the last question, because it is the least important, but it is often the first question I asked. When I asked this question, I know you are on callsomeone who does not know what to ask. The fact is that you are a company that found 30 percent of what they collect fees. But 30 percent are resources that may undertake to recover the debt, is limited. Do you prefer a recovery of 30 percent of nothing, or 50 percent of the $ 3,000 debt? Do not be fooled by a very small commission.
I realize that this is a very long list of questions and concerns. But once you have done your homework and put an agency iscan focus on the task, your business and do not worry.
A good part of the tenant liability is refundable if you hire the agency and orders. It may take some time to gather what I need, but the restoration of profits at any point is the icing on the cake.
Even sending a bill for an agency is not my first choice for the collection of debt tenant. My philosophy is that I have a debt to credit agencies report and are easy to collect the debt. Afterseveral months, as I have already collected the debts would be easy, I give the account of an agency and make them work reliably.
Contact us with your specific questions tenant debt and try to help.
Bill@thelandlorddoctor.com
Bill Gray
How can I hire a collection agency to collect my tenant debt?
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