How To Pick the Right Debt Collector?

  • May 4, 2022
  • Posted by: Taurus Collections
  • Category: Blog
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Debt Collector

Dealing with difficult debtors for debt collection can be challenging and burdensome. However, debt collection is a vital part of a comprehensive credit risk management system for every business, whether commercial or consumer. Thus, one of the harsh realities of running a business is that not all customers will pay in time. While it is reasonable for you to wait for your debtors to have enough funds to pay you, it gradually hampers your business’s growth and productivity in the long run. Luckily, hiring a reliable debt collecting agency can serve you great help in cases where you find it difficult to recover your debts.

Hence, just like any other service provider, there is a list of specific factors you should consider while selecting a professional debt collector to assist you in your debt collection matters:

Specialization

Most people think that all debt collectors are the same. However, this is far from reality. Some top-notch debt collector professionals specialize in matters associated with personal loans, credit cards, and remission of payment. While the others specifically focus on either small businesses or medium to multinational corporations. Thus, do your research to identify the debt collectors that serve similar services to your field of work.

Legitimacy

All debt collection agencies should have FCA authority to carry out their business operations legally. Moreover, certain areas require some additional licenses, including professional licenses and other relevant certifications, to allow the agency to operate legitimately. Therefore, when searching for a debt collecting agency, ‌verify if they hold valid permissions, certificates, and licenses to run their business.

Skip tracing system

It is essential to believe that while most of your clients will truly be willing to pay their debts, other difficult debtors may want to skip on their responsibility. This can mainly be true when you are directly dealing with a sole consumer and not a business enterprise. Thus, one of the practical ways to recover your debts in such a case is by taking the abetment of a professional debt collecting agency near you. Their access to the latest technology, such as skip-tracing system software, will enable you to effectively locate your debtor and manage the collection of the payment due.

Fees and costs

Most well-known collecting agencies charge a flat fee or have a contingency rate policy. The latter is often considered a popular alternative as it offers a no-win, no-fee principle, while the former follows a fixed and straightforward approach regardless of the collection amount. Therefore, depending on your budget and your potential collecting agency’s reliability, you can select a well-experienced debt collecting company. Also, consider looking for a debt collecting agency that holds a valid insurance policy to safeguard yourself from unwanted circumstances.

About us

Need a reliable debt collection agency to support your business in practicing hassle-free collection of dues? Look no further than Taurus Collections (UK) Ltd. We follow a simple, straight-talking approach to assist our clients with debt collecting services by offering maximum customer satisfaction and dealing with the debtors. Our services include:

Additionally, use our Late Payment Calculator to calculate and verify your remaining credit amount. Reach out to us at 0800 069 8777 or 01332 565 350 (Derby) or send your queries at enquiries@tauruscollections.com. Stay tuned on Facebook, Instagram, and Twitter.