I often wonder how those scam debt collectors so often highlighted in the media ever get hired in the first place. Large creditors clearly have a lengthy and arduous RFP and vetting process for their agency partners. But what about smaller firms who may not have so much experience hiring this type of vendor?
For this less experienced group, I’ve written a piece about hiring debt collectors. Hiring a debt collector is essentially bringing on a business partner — someone who is representing your company on your behalf, but not necessarily in your offices. And that’s where it can get a little dicey. You want to make sure you’re bringing on a company who has your best interest in mind:
“Your cash flow is at stake. You have legitimate receivables to collect. A professional debt collection agency is trained to do it properly. [But] how can you find a collection agency, and more importantly, how do you identify the best service provider as opposed to just the best, or most aggressive, or only marketer?”
This absolutely must go beyond checking references. Do you think anyone will ever give you the name and number of a bad reference?!
Read the post, and you can download our free report at the end that covers the topic with a little more depth.