You want your money, it’s as simple as that, and you deserve it! Not all collection agencies are the same. The overall success rate for a collection agency is determined by their rate of recovery. Rate of recovery is the percentage of money recovered on your debtor’s delinquent accounts. This formula at its simplest is like this; if a collection agency recovers $250 on a $2500 placement, their rate of recovery is 10%. When an agency has many clients in various different industries such as healthcare, banking, and leasing, their rate of recovery can be calculated by industry, and also collectively as a whole.
It’s important to note that some debt collection agencies make claims that are based on numbers that can’t be verified, so asking important questions when deciding on an agency is critical in determining how forthright they are with their actual numbers. Agencies should be able to provide reports that break down the actual dollars collected on your accounts and should be able to customize those reports that benefit you as the client.
The success of an agency’s rate of recovery is dependent on factors such as time spent on accounts, the experience and effectiveness of collectors, and the adherence to the regulations set forth by the FDCPA. But, the foundation of this success is largely dependent on the technology incorporated into the debt collection process. A powerful, multi-faceted debt collection software is what sets great agencies from mediocre agencies that do not respond to the needs of the industry. Facilitating an environment that makes it easy for the debtors to pay also works together to ensure the rate of recovery is much higher.
Independently owned and operated for nearly 60 years, with a rich regional history, Account Resolution Team was established in 1962. Since that time, ART continues to provide cutting-edge collections solutions, all supported by a staff with more than 70 years of experience. Last year, ART partnered with, and was instrumental in the development of the leading debt collection software used in North America which provides unparalleled digital solutions to accommodate for the most user-friendly, cost-effective, and timely account resolutions that work alongside its personally interfaced structure that clients have grown accustomed to.
Ask your agency what their rate of recovery is and ask them to back up those claims with cold hard facts. We resolve accounts using a range of tools and techniques, in addition to proven strategies we’ve developed over the course of our company’s history. Our approach is unique, and it’s the reason our collection rate surpasses the industry average.
Find out how Account Resolution Team can use cutting edge technology to collect your debts. Call 423-586-7613 or visit www.accountresolutionteam.com
