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- Dunning Notices; Past Due Notices; Friendly Reminders
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- Improving Collection Performance
- Monthly Statements; Monthly Customer Statements
- Negotiating With Delinquent Debtors
- Personal Visits; Advantages and Risks; Costs and Benefits
- Debtor Referral to a Collection Agency
- Telephone Collections, Telephone Tips; Collection Tips; Collection Tools
- Transferring Collection Assignments
- Partial Payments
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- Partial Debt Forgiveness as a Debt Collection Tool
- Payment Plans; Extended Payment Plans
- Myths and Misconceptions about Business to Business Collections
- Understanding the Role of the Accounts Payable Department
- Using a Customer's Uncertainty as a Collection Tool
- When to Place an Account for Collection
- Selecting a Third Party Collection Agency
- Credit Holds
- Account Assignments
- Issuing a Final Demand
- Quality vs. Quantity of Collection Calls
- Confronting Delinquent Debtors
- International Debt Collection
- The Power Balance in Debt Collections
- Ten Truths about Business Collections
- Complete Text of the FDCPA
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Collection Agency Services
Typical collection agency services include:
A free demand service: Most collection agency offer their customers a free preliminary collection letter that can be sent directly to the debtor. If this letter produces payment within a specified time limit, usually ten days, the creditor owes nothing to the collection agency.
Access to the collection agency's database: More and more agencies are allowing their customers the opportunity to find out if a particular debtor is in the agency’s data base of accounts that have been placed for collection in the past. Some agencies even allow their clients to learn the outcome of their previous collection efforts.
A letter writing service: For a fee, some collection agencies will generate a series of collection letters to the debtor company.
A forwarding service: Recognizing that certain accounts will not respond to their collection efforts no matter how persistent or professional, most collection agencies have an affiliate network of attorney who specialize in filing lawsuits to collects outstanding debts.
Reporting services: Most collection agencies provide their customers with periodic progress reports on the status of their collection efforts – even when those efforts have not resulted in any agreement being reached or any payment being made.
© 2010 by Michael C. Dennis. All Rights Reserved. Excerpted from "Credit and Collection Handbook" by Michael C. Dennis
Edited by Michael Zininberg