If you are thinking about using a debt collection agency to mange your outstanding accounts receivables, it’s only natural to have some questions. Here are answers to seven frequently asked questions about engaging debt collection services:
Fairway Capital Recovery Blog
A staggering number was recently released by the think tank Urban Institute and debt buyer Encore Capital Group. More than 1/3 of all Americans with a credit report are currently in a stage of debt collection.
As part of Fairway Capital Recovery’s collection services we have created ARM to better demonstrate the levels of collection services available at our company. Our clients can choose one, two or all three of the services to meet their unique needs.
Forget what you know about a typical collections agency. Fairway Capital Recovery (FCR) is an Accounts Receivable Management company that not only can assist you with recovering debts, but is also able to help you set up those accounts receivable processes to minimize the amount of debts needing recovered.
Recent national news coverage about the collections industry has brought into question some of the actions of a minority of Collections Agencies. This coverage has cast a negative light on the industry, but does not accurately represent the actions or commitment of Fairway Capital Recovery.
Topics: collection agency, hire collection agency, accounts receivable management, debt collection, collection industry news, collection agency calls, questions about collections agencies, collections agency
Whether you perform collections activity in-house or outsource to an agency, it’s important to be aware of the regulatory changes and trends in the accounts receivable management (ARM) industry. This industry is highly regulated, and the rules governing debt collection practices have seen many changes in recent years. Here are some updates of which you should be aware:
Consumers approach medical and dental bills differently than other bills, such as utility bills or rent. In many cases, they might feel less urgency to pay. After all, if your choices were between being evicted, having your electricity shut off or not paying for last month’s teeth cleaning, which bill would be your lowest priority?
You may often hear collection agencies refer to themselves as “licensed, bonded and insured”—but what do those things really mean? In this article, we’ll take a closer look at each of these concepts and why they are important.
As with any change, the decision to outsource debt collection will require you to communicate with key stakeholders and get their buy-in before you can move forward. Follow these five steps to begin building a case for outsourcing debt collection at your company:
The accounts receivable management (ARM) industry is highly regulated, and the rules governing debt collection practices have seen many changes in recent years. Whether you perform collections activity in-house or outsource to an agency, it’s important to be aware of the regulatory changes and trends in the industry.