1. With all the bad press about collection agencies how do you decide which one to use
or if you want to use one at all?
This podcast will help business owners make an educated decision about which
collection agency they want representing their business and the most efficient
ways to work with an agency to get the best return. I will also talk about the red
flags that can alert you that you need a collection agency, signs to look for, what
to expect and how using a collection agency can affect your business.
Failing to have a collection agency hired and ready to collect on your past due
accounts before it is needed is the biggest mistake business owners make in
collections. This podcast is critical for anyone who needs to hire a collection
agency but doesn’t’ know how to do it or what to look for.

2. When is it time to call in the big guns on past-
due accounts?
This how-to will help you make the best
decisions when hiring and using a collection
agency.

3.  Are they familiar with your specific business
 Do you need a consumer or commercial agency – who are
your customers
 Are they members of anything – check them out
 Find an agency that can be sensitive to a consumers
situation
 Do they comply with state & Federal laws

4.  Physical address, good contact information
 Logo’s of any memberships they hold
 How do they collect?
 Pricing
 Testimonials
 If something seems to good to be
 true – it probably is!

5.  No physical address or phone number listed
on their website
 No affiliations to trade or networking
groups
 A live person doesn’t answer the phone
 Not licensed, bonded or insured
 They have the lowest price
 They won’t sign a contract

6.  What type of collections do you specialize in?
 What trade associations do you belong to?
 Do you call, send out letters, both?
 Have they been sued for law violations?
 How do you get paid and when do I get paid
 Ask for references or testimonials

7.  How past due will you allow a customer to
get, 60 days, 90 days, 120 days?
 The sooner you place an account with a
collection agency the better your chances
are of getting paid.

8.  No response
 Customers who pay when and if they want to
 Repetitious, unfounded complaints
 “That’s not my bill!”
 Marital problems
 Starts to slowly pay later and later
 Frequent address / phone number changes
 Frequent changes in employment

9.  Collects on past due accounts
 Send out verification
 Skip tracing
 Report to the credit bureaus

10.  Gather your information
 Cooperate
 Use only one agency
 Stay updated
 Don’t call for frequent updates
 Let them know if you receive a payment

11.  Get Paid - Commission  Pay you - Monthly
or flat fee statements with
checks
 No collection – no fee

12.  You will have more free time to work with
good paying customers
 You will have less stress
 You will make more money

13.  Directory of collection agencies by state:
 http://collection-agencies.regionaldirectory.us/
 Blogs
 http://receivableaccounts.blogspot.com/2011/12/auditing-your-collection-agency-101.html
 http://www.Credit-and-Collections.com
 Groups
 LinkedIn group: The Guide to Getting Paid
 Join here: http://www.linkedin.com/groups/Guide-Getting-Paid-2652085?home
 Credit and Collections Discussion group, to Subscribe, send an email to:
creditandcollections-subscribe@yahoogroups.com
 Business credit information: http://www.cortera.com/
 Online invoicing and collection tracking: http://www.invoicera.com
 Books by Michelle are available everywhere and on Kindle!

14. Connect with me: Customer’s owe you money?
http://www.linkedin.com/in/creditmd
Learn how to get paid with the books in The Collecting Money Series
by Michelle Dunn
@DunnMich Learn more www.MichelleDunn.com &
www.Credit-and-Collections.com
Michelle at a recent visit to
NHPR for a national
interview about zombie
debt, collection practices
and debt collection laws.
Listen to NPR to hear the
interview!
Join the discussion on
Facebook:
http://www.facebook.com/pages/The-
Guide-to-Getting-Paid/175893280661