Knowledge is power, especially when it comes to debt collection. Providing the correct documents about the debt management agent will help the agency reclaim your company debt.
In order to ensure that you get the money owed to you, it is important to give all the appropriate and relevant information to the debt collection agency.
The key items that the collection agency would need to recover your debt are the debt of your debtor’s
- Current Balance
- Date of Delinquency
- (SSN and/or DOB)
This data would allow the debt collection agency to track down hard-to-locate debtors and ensure that the right offender is investigated. We advise you to submit any information you have, even though you find it’s out of date or meaningless.
A successful collection agent will conduct research using an old address or an old phone number. Relevant documents such as signed contracts, invoices and other records to justify your debt is very helpful as a debt collector may talk more intelligently by getting the paperwork to back up your debt. Appropriate paperwork is much more important when it comes to the settlement of the “disputed” debt.
Many outstanding debts are very straight forward; the client owes the business and does not pay. Although if your loan has other aspects that obscure the amount you owe, be sure to contact the debt management department. It is also critical that you contact the collection agency if you have already contested an account.
Notice of bankruptcy or an attorney’s letter of counsel can still be forwarded to the debt management department directly upon delivery. State and federal laws can have an effect on the debt recovery process whether the debtor is advised by a counsel or under the protection of the bankruptcy courts.