For people who haven’t enlisted the help of a debt collector before, beginning the process can seem intimidating. The process isn’t exactly common knowledge, which makes it even scarier. In reality, filing for collection is actually very easy and painless! Here is a brief breakdown of beginning the process.
The age of a delinquent account is one of the biggest factors in determining whether or not a debt gets paid. The older the debt, the harder it is to collect. A rule of thumb to remember is that after three months, the probability is that you will only collect $0.73 of each dollar delinquent… after six months, only about $0.54 of every dollar... and after one year, the best expectation is that only about $0.26 of every delinquent dollar will be collected. The best time to enlist the services of a commercial debt collection agency is 60-90 days of the invoice due date. Incorporating this strategy will help ensure maximum recoveries with the least cost to your company.
Learn More About Business Debt Collection with the Experts!
The expert business debt collectors at RSD are here to demystify the debt collection process and give you the courage to pursue money owed! With an agency certified by the Commercial Law League of America and endorsed by the International Association of Commercial Collectors, you are guaranteed competence and peace of mind. If you’re ready to place a claim, or just have additional questions, call (248) 370-8160 or submit a contact form here.
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