What are the Industry Standards for commercial debt collection services?
The International Association of Credit and Collection Professionals (ACA) was established in order to ensure ethical standards within the industry and maintain the value of credit collection professionals in the broader business community. Make sure your international debt recovery service displays ACA membership.
Check the scores of your debt collection service to ensure that they have high Creditsafe and Equifax scores, you should insist on an Equifax ‘A’ rating. Equifax is one of the longest established international credit rating companies, whilst UK-based Creditsafe is the market leader in providing credit information on more than 4.5 million companies in the UK.
Confidentiality is a vital issue when it comes to your business records. You need an assurance that all your business information is stored and used in a secure manner so ask about the debt collection agency’s data protection policies. Information must be stored securely for the designated time and then destroyed in a safe manner. Take advantage of the licences and legislation designed to protect your information and make sure your commercial debt collection service makes their company information freely available, including Company and VAT Registration Numbers. Make sure the company is compliant with GDPR rules and that they enjoy comprehensive professional indemnity insurance.
Check to see if the debt recovery agency offers a personal service with competitive rates and, most important, that they demonstrate a proven track record in successfully recovering debts both in the UK, the USA and other countries worldwide. An initial assessment of your bad debt portfolio should include a timeframe for recovery which is based on careful consideration of the circumstances in which the debt arose, your previous efforts at recovery, and the state of the debtor’s business. Any debt collection service offering the above and that has a proven track record of success dealing with debts worldwide should have the confidence to offer their services on a contingency basis (a “no win, no fee” basis).
You needn't compromise - for a reputable service with sound credit ratings, association membership and established in the global commercial debt recovery sector, there are companies that fit the bill.
Contact us now for some no-obligation advice on your commercial debt collection and financial management needs in the UK, the USA or anywhere else in the world. Our friendly team of experienced credit professionals will be happy to help you.
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