Covering Business Credit

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Business Credit and Collections
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How would you go about selecting a collection agency?

Answer: Carefully. I would want the agency to be licensed, bonded, experienced, reputable, professional, and effective, and one that offers competitive collection fees, and works strictly on a contingency basis. I would also want to be sure that I controlled the collection process to the extent that the agency consulted me before accepting any payment plan, agreeing to any form of debt forgiveness, or referring an account to an attorney. I would also want the agency I use to be a large firm, and a member of the Agency Section of the Commercial Law League of America --- or one of the other nationally recognized organizations that accredit commercial collection agencies.

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