A commercial debt collection agency with experience of working in England can help recover debts
It’s vital that you get the right help with your finances from a commercial debt collection service that is backed by solid credentials and years of experience in the industry which includes successfully recovering business debts. Debt collection is a specialist field – it’s not only your finances that are at stake, but your professional reputation too. Although you need to recover your debts, you also need to maintain relationships with your long-term clients. Making sure that you engage the services of an ethical company with a reputation for transparency and reliability is vital for your business.
There is so much information online about financial services that finding a reputable commercial debt collection provider can seem overwhelming. However, association memberships and credit rating systems have been established that are designed to ensure the ethical standards of commercial debt collection companies, making it easier for you to make up your mind.
ACA Membership - the International Association of Credit and Collection Professionals (ACA) was established to ensure ethical standards within the industry and to maintain the value of credit collection professionals in the broader economy. Make sure that the international debt collection service you choose displays ACA memberships, bringing you peace of mind.
Your Own Due Diligence - when considering a debt collection service, make sure that the company you choose enjoys high Creditsafe and Equifax scores and has been awarded an Equifax A rating. Equifax is one of the longest established international credit rating companies, while UK-based Creditsafe is a market leader which provides accurate credit information on more than 4.5 million UK companies.
Data Protection and your Right to Confidentiality - Confidentiality is vital when it comes to keeping your business records and information safe. Ask about the debt collector’s Data Protection Policies – information must be stored securely for a designated period of time and then destroyed in a secure manner.
There are laws and licenses that guarantee your protection and any reputable debt collection service will be happy to provide you with their company information, including Company and VAT Registration Numbers. Make sure that any provider you choose is licensed under the new General Data Protection Regulations (GDPR) and is also fully covered by comprehensive professional indemnity insurance.
An Effective Service combined with a High level of Ethical and Professional Standards - Check that the debt recovery agency you engage offers competitive rates, a personal service and, most importantly, that it holds a proven track record in successfully recovering debt both here in the UK and overseas. Their initial assessment of your portfolio of unpaid debts should be based on careful consideration of the circumstances in which the debt arose, any previous efforts of recovering the funds and the state of the debtor’s business, combined with a realistic time-frame for recovery.
Any debt collection agency that offers the above-mentioned features, combined with a proven track record of success should have the confidence to offer their services on a contingency basis (also known as a “no win, no fee” basis).
Don’t compromise your business – engage the services of a reputable provider with sound credit ratings and association memberships, backed up by an established record in the global commercial debt recovery sector.