- How long will it take to collect?
- The time it takes to collect a past due account depends on a number of factors. The longer an account has been past due, the longer it takes to collect. The status of the debtor also affects it, especially if they have moved or are refusing contact. Also, a debtor may dispute the past due amount, and that stretches out the entire process.
- How does the agency contact a debtor?
- Collection agencies usually contact a debtor through letters and phones calls, and occasionally through e-mail.
- What will I need to submit an account?
- The most important part of submitting an account is that the debt is valid. Any documentation that supports the debt, such as invoices, statements, records, bounced checks, or agreements. These documents need to have such information as the debtor's name and information, amount owed, debt occurred, any received payments, etc. Documents such as these usually have all information needed for the debtor that a collection agency will need. Any missing information can be skip-traced by the collection agency, which is usually included for no extra fees.
- What if the debtor disputes?
- If the debtor disputes the debt, you have the option of taking that person to litigation. Collection agencies such as Rumson, Bolling & Associates, have their own in house attorneys to take care of the process for you.
- What kind of past due accounts can a collection agency help with?
- Some collection agencies will specialize in certain kinds of past due accounts. A full service collection agency, such as Rumson, Bolling & Associates, will work with all kinds of past due accounts. It is important to ask a potential collection agency what kind of past due accounts they will work on and if they have experience collecting on them.
- What if I'm missing contact information for the debtor?
- If you're missing any needed information, the collection company can skip trace your debtor. Skip tracing is the act of locating a debtor. Most collection agencies, like Rumson, Bolling & Associates, will not charge extra if your debtor requires skip tracing services.
- What if the collection attempts are unsuccessful?
- You may have the option to send your account to litigation. Depending on the collection agency, your account may be forwarded to an outside attorney or handled by an in-house attorney. Rumson, Bolling & Associates has its own staff of in-house attorneys to make the entire process much simpler.
- Are there annual contracts or fees?
- Some collection agencies may make you sign a contract with their company. Others will not and you may choose when and where you work with them. Rumson, Bolling & Associates does not require long term contracts. You will need to ask any potential collection agencies you wish to work with to see if they require one or not.
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