“When collecting your money really matters”
|
“When collecting your money really matters” |
|
How to Choose a Collection Agency These are the factors to consider when you need to hire a collection agency: Contingency Fees Many agencies charge such an ultralow rate just to get your business that once they have your business they simply can't afford to collect your accounts. It doesn't matter how low the contingency rate is if the agency doesn't deliver to you a check each month. Simply stated, can you deliver a good product if you charge a ridiculously low fee? It's the old saying, you get what you pay for. If you get roped into a fee for under 1/3 don't be surprised if the collection agency only mails you a promise and not a check. Hidden Costs Some collection agencies have hidden fees in their contracts demanding that you advance costs for suit, pay a higher contingency rate if your accounts are over 30, 60, or 90 days old, and pay a minimum rate of 10-15 percent if you cancel an account. There can also be a minimum fee of $35 per account just to list your business with them. Statewide Collection Bureau considers these charges morally reprehensible. Our only charge is our contingency rate and that's the way it should be. Stability In the 1990s all California collection agencies had to post a bond insuring their bank (trust) account. Today, only a few agencies offer this assurance to their clients. Remember, trust accounts (your money) are dischargeable in bankruptcy. If your collection agency files bankruptcy the obligation owed to you by your customer/client/patient is no longer collectable. So, just how stable is Statewide Collection Bureau and its subsidiaries? First of all, our trust account is insured. Second, Statewide is still a family owned business first organized in 1938. Finally and most importantly, we have the trust of our clients, our community, and the reputation to do the job. Read what some of our clients have to say: Les Hait, Attorney—I can reliably say that each case was handled with great skill and efficiency. … Returns are the highest my firm as ever experienced. Tony Lopez, Tony "The Tiger" Bail Bonds— Knockout service and great results. These people really know their job and were always available to answer our questions. Louis Bambauer, Bambauer Towing—They understand my business and deliver results. Other recommendations available upon request. Practical Solutions with Results The fact of the matter is that not every account is collectable. The national recovery rate is around 18 percent, meaning 82 cents on every dollar listed goes uncollected. The reasons this recovery rate is so low are many, but the most important reason is how the majority of agencies operate. Many rely on only reporting smaller balance accounts (under $500) on a consumer's credit report and never try to make telephone contact. Several agencies employ "boiler room" collectors with no ambition to find a consumer who has moved. Plus, many agencies won't sue or don't have the expertise to sue when the consumer just doesn't pay. Statewide Collection Bureau collects far above the national average. We employ professional collectors with the knowledge to work your accounts no matter which solution is needed. No agency can guarantee you that they will collect every dollar you list with them but our straightforward approach and common sense offers you the best results. For more information see Frequently Asked Questions or list your account now. |
|
Statewide Credit and Collection Bureau Inc. is the parent company of Credit Bureau of Yuba, Sutter, and Colusa Counties Credit Bureau of Contra Costa County Credit Bureau of Yolo and Sacramento Counties Credit Bureau of Alameda Phone: 800.797.5556, 530.343.3792, 916.326.5666 For best viewing use Internet Explorer set at 800 x 600. Click here to download. For questions or comments about this Web site e-mail webmaster Copyright © 2005 Statewide Collection Bureau . Last modified: June 29, 2006 |
