Debt collection agency

One of the things that cause a major headache for many organizations or companies is debt collection. And especially in this economically turbulent time, the number of people who fail to pay their debts may become much higher. There are already several agencies that claim to recover debts and have some crude methods of doing that. There also debt collection agencies like the American profit Collection Agency that specializes in debt recovery in a very different way.

These agencies are changing the way businesses manage their receivables by factoring in early intervention, following ethics, standards and respect, flat-fee tier 1 receivables solution, dedication and professionalism and commitment. They work in a variety of markets such as schools, trades, small business, medical, financial and commercial institutions. The services such as tier I and tier II recovery solutions and legal services are provided by them. They work with industries in helping to increase the profits by following their proven system which deal with low-cost fee structure, customer driven practices and diplomatic early intervention.

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Former OSI Exec Indicted by NJ Attorney General in Long-Running Overbilling Case

The attorney general in New Jersey announced last week that a former sales director at Outsourcing Solutions, Inc. had been charged with various crimes stemming from her role in overbilling the state for collection services and subsequently covering up the actions and undermining a government investigation.

New Jersey Attorney General Anne Milgram and Criminal Justice Director Deborah L. Gramiccion said in a press release that Sandra Bielanski was being charged with theft by deception, misconduct by a corporate official, and five counts of making false contract payment claims. The office noted that all charges represented second-degree crimes.

The indictments are the latest in a series of actions resulting from a lengthy investigation of OSI billing practices between January 1999 and May 2005. The state claims that OSI overbilled for collection services by more than $1 million in the period. In addition, OSI employees provided gifts to New Jersey officials to ensure the contract would continue.

In February 2007, OSI agreed to pay the state nearly $2 million to resolve issues of overbilling and provision of illegal gifts to state employees (“OSI to Pay Nearly $2 million to Settle New Jersey Collection Contract Dispute,” Feb. 7, 2007). But legal action against individual OSI employees and state officials has been ongoing.

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How do I Hire an Outside Collection Agency

When you find yourself in a situation that may lead to bigger complications down the line, you try to find the fastest and most headache-free solution to the problem. It is always the best way to nip the problem in the bud before it even starts.

The same principle applies when you're dealing with accounts that have lagged on payments, whose checks have bounced, who have totally stopped making their payments and have deemed themselves unreachable and a dozen other scenarios that will surely make your head spin. The role of your credit manager if you have one, at this point, is to decide whether to deal with these problems in-house or pass on these accounts to a collection agency that will then be tasked to follow-up and, at best, recover the money owed to your company.

Usually, a debt collection agency is called upon when you really have an overwhelming problem with your customers' payment backlog. You've already tried resolving the issue using your in-house crew and having them initiate non-threatening appeals to your accounts by making phone calls, sending letters and even making personal visits. Or, sometimes, the problem has persisted and you find that your whole business has reached its danger zone and its plight hinges on whether or not you can recover some of the money that your owed. Whatever the case, hiring a debt collection agency seems to be the best way to deal with the situation.

However, extra care must be exercised when you finally decide to place your past dues with a debt collection agency. You have to remember that hiring a collection agency means that you are turning over a part of your business to someone totally on the outside. First of all, when you choose a debt collection agency you have to be sure that they come highly recommended by someone who has made use of their services and have been highly satisfied with them.

It is just as important that you check with an accrediting organization like that of the Better Business Bureau. This just makes sure that the debt collection agency that you've hired is regulated and subject to a higher power if they fail to deliver on their promise.

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