As a debt collector for more almost 30 years I understand the need for a collection process in a healthy accounts receivable management program. All businesses providing goods and services must get paid for their products and services. In today’s economy, collecting every dollar owed is crucial, hence the need for “collections”.
Whether it’s the biller or office manager at the doctor’s office, the leasing manager at the apartment community, or the credit department at the local water company, someone must do it.
I believe that using a collection agency is an integral step in the accounts receivable management process. Many creditors use collection agencies, some do not. Some creditors view a collection agency as a last course of action. They often view collection agencies as just a little bit “shady” or not quite ethical. This is a stigma that the vast majority of collection agencies do not deserve. Most collection agencies, like TSC, strive to operate their business in a professional and ethical manner. Most collection agencies, like TSC, belong to ACA International as well as their state collectors’ association. Most collection agencies, like TSC, also work very hard to stay on top of ever-changing legislation that affects the collection industry and to comply with these regulations.
But complying with all of these rules, regulations and statutes should be a given for any ethical and professional collection agency. Beyond this however lies the moral aspect to collections. What many proponents of debt collections loose sight of is the fact that the consumer actually does owe a legitimate debt and has a legal and moral obligation to pay it. Consequently, there are two sides to this relationship. The collector has […]