Best Debt Collection Agencies of 2024| Side by Side Reviews

Best Collection AgenciesWhen it comes to finding a  Debt Collection Agency comparing quotes is the key to getting a top product for the lowest price.

We've gathered information on the top  Collection Agencies, user reviews, and buying tips, and made it easy to get the best price from companies in your area.

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Best Collection Company: A Review of The Top Debt Collectors

The average American household is carrying around more than $137,000 worth of debt right now. That debt includes everything from mortgages and student loans to auto loans and credit cards.

Unfortunately, all this debt is making it difficult for many creditors to collect the cash that people owe them. Creditors are trying their best to find ways to encourage people to pay off their debts, but it just doesn't seem to be working in many cases.

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Are you a company that is struggling to get people to pay off their debts? Hiring debt collectors from a reputable collection agency might be your only option. They can work hard on your behalf to get people to pay back the money they owe to you.

Let's take a look at some of the best debt collectors in the country right now and then answer several common questions about hiring them.

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Top 10 Debt Collection Companies

There are more than 70 million Americans with at least one debt in collections at the moment.

So it shouldn't come as a surprise to hear that there are thousands of debt collection agencies scattered across the U.S. right now. The exact number of debt collection agencies changes, but it's been hovering around 4,000 in recent years.

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With that in mind, it can be tough for companies to track down the best of the best when it comes to debt collectors. Here is a list of the top 10 debt collection companies to help you find one that will work for you.

ABC Financial Services LogoABC Financial Services

Based in Arkansas, ABC Financial Services specializes in providing debt collection services to the health and fitness industry.

If you own a gym, a health club, or another fitness-related establishment, they can help you. They have the software and the billing services you'll need to chase down customers who haven't paid off debts owed to you.

ABC Financial Services Collection Agency: Advantages, Evaluation, and Quality

  • Comprehensive Financial Services: ABC Financial Services provides a robust suite of collection services aimed at optimizing clients' recovery rates. This includes debt recovery, asset management, and accounts receivable management.
  • Advantages of Using ABC Financial Services: ABC Financial Services offers several key advantages, including a high recovery rate, customer-centric approach, and strict adherence to federal and state regulations.
    • High Recovery Rates: ABC boasts a record of consistently high recovery rates, substantially improving the bottom line for their clients.
    • Customer-Centric Approach: The agency understands the importance of maintaining positive customer relationships. They approach each case with professionalism and respect, aiming to maintain customer loyalty while effectively recovering debts.
    • Compliance with Regulations: ABC Financial Services adheres strictly to the Fair Debt Collection Practices Act (FDCPA) and other relevant laws and regulations, ensuring their practices are both ethical and legal.
  • Evaluating the Quality of ABC Financial Services: This agency prioritizes the quality of its services by employing experienced and trained professionals, using advanced technology, and upholding transparency.
    • Skilled Professionals: ABC's team is composed of trained and experienced professionals, who are skilled in negotiation and customer service.
    • Advanced Technology: The agency utilizes the latest technologies in debt collection, enhancing efficiency and ensuring accurate tracking and reporting.
    • Transparency and Communication: ABC maintains open and honest communication with clients, providing regular and detailed reports about the status of their accounts.
  • Quality Assurance: ABC Financial Services has built its reputation on high-quality services. Their dedication to ethical practices, efficient recovery, and exceptional customer service set them apart in the industry. They regularly evaluate their practices to identify areas of improvement and ensure they are delivering top-tier service.

Remember, it's important to do your own research and evaluate whether ABC Financial Services aligns with your business needs and standards.

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Capital Collections, LLC LogoCapital Collections, LLC

With headquarters in California, Capital Collections, LLC has more than 20 years of experience working with companies in a variety of industries.

The debt collection company relies on a combination of state-of-the-art collection tools and advanced software to come up with the best collection techniques for each individual client. They can help you with every step of the debt recovery process.

Capital Collections, LLC: A Leading Collection Agency

  • Comprehensive Evaluation Procedures: At Capital Collections, LLC, every debt collection case is treated with a detailed assessment. This helps them to thoroughly understand the specifics of the case and devise a unique strategy to collect the debt in a professional and ethical manner.
  • Advantages of Capital Collections, LLC: With their seasoned expertise and approach that merges technology and people skills, Capital Collections, LLC offers various advantages. Their ability to recover unpaid debts efficiently and professionally stands out. Their high recovery rates, compliance with laws, and customized debt collection strategies truly set them apart.
  • Quality Services and Customer Support: The company prides itself on its quality of service, which is not only limited to their debt collection procedures but also extends to their customer service. They maintain a diligent communication line with their clients, keeping them updated and informed about the progress of their cases.
  • Highly Trained and Professional Staff: The quality of Capital Collections, LLC's services is also attributable to their competent team. Each team member is extensively trained and versed in the art of negotiation, along with a deep understanding of debt collection laws and regulations.
  • Use of Modern Technology: Capital Collections, LLC utilizes cutting-edge technology in their operations. This not only improves the efficiency of their services but also facilitates thorough and accurate evaluation of each debt collection case.
  • Strict Adherence to Laws and Regulations: One of the biggest advantages of Capital Collections, LLC is their firm commitment to abide by all federal and state laws governing the debt collection industry. This ensures that the process is fair, respectful, and transparent for all parties involved.
  • Specialized Industry Knowledge: Capital Collections, LLC has experience across diverse industries, which helps them better understand the intricacies of each case and devise the most effective collection strategies.
  • High Success Rates: Owing to their effective evaluation techniques, high-quality service, and strategic approach, Capital Collections, LLC boasts a high success rate in recovering debts.

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Summit Account Resolutions LogoSummit Account Resolutions

When you first sign up to work with Summit Account Resolutions, they'll assign you a personal account manager. They'll be in charge of answering any questions you might have about debt collection.

From there, Summit AR can offer you everything from a skip-tracing department to litigation services. They also put a big emphasis on helping companies maintain professional relationships with those who are in debt to them. They utilize their so-called “P.H.D. Philosophy,” which stands for “Preserve Human Dignity,” to do it.

Summit Account Resolutions: Effective Debt Collection Agency

  • Quality Services: Summit Account Resolutions prides itself on providing quality collection services. Their experienced team is trained to manage delinquent accounts efficiently while maintaining respect for customers, fostering positive relationships.
  • Advantages for Businesses: Partnering with Summit Account Resolutions offers multiple benefits. It can boost a company's revenue through effective debt recovery, enable the in-house team to focus on core tasks, and reduce overall costs of debt collection efforts.
  • Evaluate Your Debt Collection Process: Summit Account Resolutions enables businesses to evaluate their current debt collection process by offering an in-depth analysis. This valuable insight helps businesses improve their strategies, leading to better cash flow management and decreased financial risk.
  • Cutting-edge Technology: Summit Account Resolutions uses the latest technology to ensure efficient and effective collections, providing real-time updates and complete transparency in the debt recovery process.
  • Professionalism and Compliance: Summit Account Resolutions operates under strict adherence to the Fair Debt Collection Practices Act, demonstrating a commitment to ethical practices and respect for consumer rights.
  • Tailored Solutions: Understanding that every business is unique, Summit Account Resolutions provides tailored solutions to fit individual company's needs and circumstances, enhancing the effectiveness of debt recovery.

Summit A•R is a well-established debt recovery company with an impressive track record of successful recoveries. With their nationwide footprint and nearly double the industry average, we’re changing minds about collection agencies alike.

Summit Account Resolution (Summit), since 1996 has been doing things differently – from how they approach clients to what kinds of information gets shared in order for you to be helped successfully by this organization.

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Portfolio Recovery Associates, LLC LogoPortfolio Recovery Associates, LLC

Want to increase your chances of collecting debt from debtors? Your best bet might be to work with debt collectors that take the time to work out individualized repayment plans with them.

Portfolio Recovery Associates, LLC: Raising the Bar in Debt Collection Services

  • Evaluation and Management of Diverse Debts: Portfolio Recovery Associates, LLC evaluates and efficiently manages a wide array of debt types, working to balance the rights of debtors while serving their client's needs.
  • Advantages with Data-Driven Strategies: The agency's tech-driven methodologies allow for effective evaluation of individual debtor circumstances, ensuring customized recovery strategies that yield better results.
  • Quality Assurance in Operations: Their commitment to quality extends to all aspects of their operations, from their team of well-trained collection agents to their implementation of federal and state regulatory compliance standards.
  • Consumer-Oriented Approach: This agency consistently reviews and improves its processes to provide a fair and transparent debt recovery experience, thus providing an advantage to both the creditor and debtor.
  • Ethical Collections Promoting Good Relations: Portfolio Recovery Associates, LLC upholds the highest ethical standards in collections, focusing on maintaining respectful and positive relationships with debtors.
  • A Leader in Asset Recovery: With a proven track record, Portfolio Recovery Associates, LLC excels in assisting businesses evaluate their asset recovery strategies and optimize their receivables management.

Portfolio Recovery Associates, LLC, which is based out of Virginia, has been doing just that for more than 20 years now. They talk to debtors about their current financial situations on behalf of creditors. Then, they come up with a plan for repaying their debts based on their finances.

This is a strategy that has helped Portfolio Recovery Associates, LLC assist hundreds of companies in many different industries over the last two decades.

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Nationwide Recovery Systems LogoNationwide Recovery Systems

As a business owner, there is nothing worse than carrying around bad debt for years at a time. Nationwide Recovery Systems strives to make it a thing of the past for businesses by helping to increase their cash flow through debt recovery.

The company was first founded back in 1979 and has worked primarily with those in the health care industry as well as many commercial companies. They have offices in both Tyler and Dallas, Texas.

Nationwide Recovery Systems: A Leading Collection Agency

  • Advantages of Nationwide Recovery Systems:
    • Proven Track Record: Nationwide Recovery Systems is a trusted and reputable collection agency with a long-standing history of successful debt recovery. With years of experience, they have built a solid reputation for their expertise and professionalism in the industry.
    • Nationwide Coverage: As the name suggests, Nationwide Recovery Systems operates across the country, offering its services to clients nationwide. This extensive coverage ensures that clients from various locations can benefit from their comprehensive debt recovery solutions.
    • Customized Approach: Understanding that each client's needs are unique, Nationwide Recovery Systems employs a tailored approach to collections. They work closely with clients to evaluate their specific requirements and develop personalized strategies that maximize recovery rates while maintaining positive customer relationships.
    • Compliance and Legal Expertise: Collection agencies need to navigate complex regulatory frameworks to ensure compliance with industry regulations. Nationwide Recovery Systems has a team of experts well-versed in debt collection laws and regulations, ensuring that their processes align with legal requirements, safeguarding both the agency and its clients.
  • Evaluating Nationwide Recovery Systems:
    • Reputation: Nationwide Recovery Systems has an excellent reputation in the industry, known for their professionalism, integrity, and commitment to client satisfaction. It is crucial to consider their track record and client feedback when evaluating their services.
    • Expertise and Resources: The agency's expertise in debt recovery and the resources they allocate to each case play a vital role in determining their effectiveness. Understanding their capabilities and infrastructure can help assess their ability to handle different types of debt collections.
    • Communication and Transparency: Effective communication is crucial in the debt collection process. Nationwide Recovery Systems emphasizes clear and transparent communication with clients, keeping them informed about progress, updates, and any challenges encountered along the way.
  • Quality Services Offered:
    • Comprehensive Debt Recovery: Nationwide Recovery Systems offers a full range of debt recovery services, catering to various industries and sectors. Whether it's consumer debt, commercial debt, or medical debt, they have the expertise to handle different types of accounts.
    • Skip Tracing and Investigations: The agency employs advanced skip tracing techniques and investigative tools to locate debtors who may have moved or intentionally evaded payment. This enhances their ability to recover outstanding debts efficiently.
    • Account Management and Reporting: Nationwide Recovery Systems provides clients with access to online portals and comprehensive reports, allowing them to monitor progress and track the status of their accounts. This transparency ensures that clients are kept well-informed throughout the collection process.

Nationwide Recovery Systems is a reputable collection agency offering a range of advantages, including a proven track record, nationwide coverage, customized approaches, and compliance expertise. By evaluating their reputation, expertise, and communication practices, clients can make an informed decision about their quality services, which encompass comprehensive debt recovery, skip tracing, and account management.

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IC SystemIC System

Before you begin working with any debt collection agency, you should educate yourself about the packages they provide for companies. IC System offers three packages that include everything from fixed-fee plans to contingency fee plans.

IC System is a reputable collection agency that provides efficient debt recovery solutions for businesses. Here are some key points about IC System:

Advantages of IC System:

  1. Industry Experience: With over 80 years of experience in the collection industry, IC System has developed expertise in managing debt collection processes effectively.
  2. Compliance: IC System adheres to strict regulatory standards, including the Fair Debt Collection Practices Act (FDCPA) and the Health Insurance Portability and Accountability Act (HIPAA). This commitment to compliance ensures ethical and lawful debt collection practices.
  3. Customized Solutions: IC System understands that each client has unique needs and offers tailored solutions to meet those requirements. They work closely with businesses to develop strategies that maximize recovery while maintaining customer relationships.
  4. Cutting-Edge Technology: IC System utilizes advanced technology and software systems to streamline the collection process. This allows for efficient communication, accurate reporting, and real-time updates, enhancing the overall quality of service.

Evaluating IC System:

  1. Track Record: IC System has a proven track record of success, evidenced by their longstanding presence in the industry and positive client testimonials. Checking their performance history can help evaluate their reliability.
  2. Customer Support: IC System values customer satisfaction and provides excellent support throughout the collection process. Their knowledgeable and professional team is readily available to address any concerns or inquiries.
  3. Transparent Reporting: IC System offers transparent reporting that allows clients to monitor the progress of their accounts. Clear and detailed reports enable businesses to assess the effectiveness of the collection efforts.

Quality of IC System's Services:

  1. Professional Approach: IC System employs skilled and trained professionals who handle collections in a respectful and professional manner. They prioritize preserving the client's reputation while effectively pursuing debt recovery.
  2. Ethical Practices: IC System is committed to conducting business ethically and treats debtors with fairness and respect. Their focus on ethical practices enhances their reputation and ensures a positive experience for all parties involved.

Overall, IC System provides a range of advantages, emphasizes quality in their services, and can be evaluated based on their experience, customer support, and transparent reporting.

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Aspen National CollectionsAspen National Collections

Looking for a debt collection company that can collect debts in the U.S. as well as both Canada and Mexico?

Aspen National Collections is the company you can trust for collections throughout North America. They specialize in collecting consumer debt. They've worked extensively with companies seeking to track down debt tied to timeshares, student loans, and more.

Aspen National Collections: Advantages, Quality, and Evaluating Services

  • Advantages of Aspen National Collections:
    • Extensive Industry Experience: Aspen National Collections is a well-established collection agency with a proven track record in debt recovery. With years of experience, they have developed effective strategies and techniques to maximize recovery rates.
    • Compliance and Legal Expertise: The agency understands the complex legal landscape surrounding debt collection. They stay up to date with regulations, ensuring that their practices align with industry standards and legal requirements.
    • Professional and Ethical Approach: Aspen National Collections prioritizes professionalism and ethical conduct throughout the debt recovery process. They maintain respectful communication with debtors while pursuing the recovery of outstanding debts.
    • Customized Solutions: Recognizing that each client's needs may vary, Aspen National Collections offers tailored solutions to fit their specific requirements. They understand that a one-size-fits-all approach may not be effective in every case.
  • Evaluating Aspen National Collections' Services:
    • Industry Reputation: The agency's reputation within the debt collection industry is crucial to consider. Research their standing, customer testimonials, and industry awards to gauge their reliability and effectiveness.
    • Recovery Rates: One of the primary factors to evaluate is the agency's success in recovering outstanding debts. Request information on their recovery rates and compare them to industry benchmarks to assess their performance.
    • Communication and Transparency: Effective communication is vital when working with a collection agency. Evaluate Aspen National Collections' transparency and responsiveness in providing regular updates, answering queries, and addressing concerns.
    • Reporting and Analytics: A quality collection agency will offer detailed reporting and analytics to provide clients with insights into the progress and effectiveness of their debt recovery efforts. Assess the reporting capabilities of Aspen National Collections to ensure they meet your expectations.
  • Commitment to Quality:
    • Trained and Professional Staff: Aspen National Collections invests in recruiting and training skilled professionals who understand the intricacies of debt collection. Their staff is equipped to handle various types of debts and challenging collection scenarios.
    • Technology and Tools: The agency leverages advanced technology and tools to streamline their debt recovery processes. This enables them to efficiently manage accounts, track progress, and optimize their strategies.
    • Compliance with Data Security: Aspen National Collections prioritizes data security and privacy. They have robust systems in place to protect client information and comply with relevant data protection regulations.

By considering the advantages, evaluating their services, and recognizing their commitment to quality, you can make an informed decision when considering Aspen National Collections as your collection agency partner.

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Transworld Systems Collection Agency LogoTransworld Systems Collection Agency

Transworld Systems Collection Agency does loan servicing and accounts receivable for some companies. But they also offer debt collection services to companies throughout the country.

Transworld Systems Collection Agency: Advantages, Evaluation, and Quality

  • Advantages of Transworld Systems:
    • Established Industry Presence: Transworld Systems is a well-known and reputable collection agency with a strong presence in the industry.
    • Tailored Solutions: The agency offers customized collection strategies to meet the unique needs of different businesses and industries.
    • Advanced Technology: Transworld Systems leverages cutting-edge technology and data analytics to optimize the collection process, increasing efficiency and effectiveness.
    • Compliance Expertise: The agency stays updated with industry regulations and possesses extensive compliance expertise, ensuring legal and ethical collection practices.
    • Enhanced Cash Flow: Transworld Systems' collection services help businesses recover outstanding debts, resulting in improved cash flow and financial stability.
  • Evaluating Transworld Systems:
    • Industry Experience: Transworld Systems has been in the collection business for several years, providing ample experience in handling diverse debt collection scenarios.
    • Client Feedback: Evaluate client testimonials and reviews to gauge the agency's performance, reliability, and customer satisfaction.
    • Collection Strategies: Assess Transworld Systems' collection strategies to determine if they align with your specific business requirements and objectives.
    • Transparency and Communication: Evaluate the agency's transparency in providing updates and communicating with clients throughout the collection process.
  • Quality Assurance at Transworld Systems:
    • Compliance Standards: Transworld Systems adheres to strict compliance standards, ensuring that all collection activities align with legal and regulatory requirements.
    • Training and Expertise: The agency invests in continuous training for its staff, equipping them with the necessary skills and knowledge to handle collections professionally and effectively.
    • Ethical Practices: Transworld Systems prioritizes ethical and respectful interactions with debtors, maintaining a positive reputation and fostering long-term client relationships.
    • Performance Metrics: The agency employs performance metrics to measure the effectiveness of its collection strategies, allowing for ongoing improvement and quality assurance.

In conclusion, Transworld Systems collection agency offers several advantages such as industry experience, tailored solutions, advanced technology, compliance expertise, and improved cash flow. When evaluating the agency, consider factors such as industry experience, client feedback, collection strategies, and transparency. Transworld Systems maintains quality assurance through compliance standards, training, ethical practices, and performance metrics.

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Rocket Receivables LogoRocket Receivables

In recent years, Rocket Receivables has transformed itself into one of the most affordable debt collection services in the entire industry. Their fees for small businesses are remarkably low compared to many other debt collectors.

Rocket Receivables Collection Agency:

  • Advantages:
    • Efficient Debt Recovery: Rocket Receivables collection agency specializes in effectively recovering outstanding debts on behalf of businesses, ensuring timely and efficient collection processes.
    • Industry Expertise: With extensive experience in the collection industry, Rocket Receivables understands the intricacies and challenges associated with debt recovery across various sectors, allowing them to tailor their approach to each client's unique needs.
    • Compliance and Legal Knowledge: Rocket Receivables maintains a deep understanding of relevant laws and regulations governing debt collection, ensuring their practices are compliant and minimizing any potential legal risks for their clients.
    • Enhanced Cash Flow: By partnering with Rocket Receivables, businesses can improve their cash flow by successfully retrieving overdue payments, enabling them to reinvest the recovered funds back into their operations or growth strategies.
  • Evaluate:
    • Thorough Assessment: Rocket Receivables begins the collection process by conducting a comprehensive evaluation of the outstanding debts, assessing factors such as the debtor's financial situation, payment history, and potential obstacles to recovery. This evaluation allows them to develop customized strategies for each debtor.
  • Quality:
    • Professional Approach: Rocket Receivables prides itself on maintaining a professional and respectful approach throughout the debt collection process. They prioritize maintaining positive relationships between their clients and debtors, employing tactful communication and negotiation techniques to achieve optimal results.
    • Robust Communication Channels: The agency employs advanced communication tools and technologies to effectively reach debtors and maintain regular contact, ensuring clear and prompt communication regarding outstanding debts, payment options, and resolutions.
    • Transparent Reporting: Rocket Receivables provides regular and transparent reporting to their clients, keeping them informed about the progress of their debt recovery efforts. This includes detailed updates on collected amounts, settlement agreements, and any relevant insights or recommendations for future actions.

They also provide clients with an online portal that allows business owners to take control of their debts and manage them effectively. Owners can see exactly how much money has been collected and which debts are still missing.

TSI’s proprietary data analytics platform has been used to provide best-in-class solutions for businesses. The company's reach extends from small-to-mid-size commercial and consumer-related enterprises, Fortune 100 corporations with B2B needs, or CNC hospitals all the way up through large government organizations like Medicare who need a compliant process in place that can be quickly scaled when necessary.
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National Recovery Agency LogoNational Recovery Agency

National Recovery Agency is widely regarded as one of the best debt collection companies by both consumers and businesses alike.

They work to resolve debts in a timely manner by communicating back and forth between consumers and businesses to come up with debt collection solutions. They work directly with thousands of Americans from coast to coast each day and help them take care of overdue payments.

National Recovery Agency is committed to 100% customer service. Since 1976, they've helped consumers and businesses resolve debts in a timely manner by maintaining the highest ethical standards of operation with an emphasis on professionalism and consumer-oriented management skills needed for today's marketplace.

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Most Important Considerations When Choosing a Reputable Collection Agency?

debt collectorsNow that you know a little bit more about some of the biggest and best debt collection agencies in the country, it's time to review how to go about choosing one to represent you.

If you've never worked with debt collectors before, it can be a little bit intimidating to find one for the first time. But you can do it easily if you make the right considerations.

First and foremost, you should find a debt collection agency that caters to your specific kind of company. As you can see, there are some agencies that only work with those in, say, health care and others that spend most of their days working with small businesses.

This is important because it'll give you confidence in a debt collection agency's ability to track down your debts while also adhering to certain rules and regulations within your industry. Healthcare companies, for example, need to work with an agency that understands HIPAA laws, medical insurance requirements, and more.

You also need to find a debt collection agency with plenty of experience in the debt collection industry and, maybe more importantly, plenty of positive reviews from past clients. You want an agency that has a great track record as far as collecting debts is concerned.

Here are just a few ways you can find debt collectors you can trust:

  • Ask fellow business owners for recommendations
  • Rely on the Association of Credit and Collections Professionals when researching agencies you might be interested in working with
  • Obtain Better Business Bureau grades for agencies prior to reaching out to them
  • Speak with different agencies to get a better feel for who they are and what kinds of services they provide

As long as you make the proper considerations, you shouldn't have too tough of a time conducting your search for the right debt collection agency.

How Does a Collection Agency Work?

Every debt collection agency operates a little bit differently.

But generally speaking, you'll begin by contacting a collection agency and letting them know about a debt you want to collect. They'll gather information from you about the debt, including how much the debt is worth, who owes the debt, and where the debtor lives.

From there, the collection agency will work on your behalf to touch base with the debtor about repaying the debt. Debt collectors typically use a combination of phone calls and letters to try and touch base with a debtor.

Ideally, the debtor will respond to the debt collector and either agree to pay off the debt that is owed or come up with a repayment plan for it. But in most cases, the debt collection agency will have to be persistent. They'll need to try different methods for connecting with the debtor before achieving success.

It's important for you to find a debt collection agency that will stay within the limits of the law when chasing down a debt. Consumers have rights that debt collectors need to be aware of at all times.

But in a perfect world, a debt collection agency will be able to respect those rights while also collecting your debt for you. And at the end of it all, they'll take a percentage of the debt as their payment for collecting on it.

How To Evaluate a Debt Collection Agency's Reputation

The debt collection agencies mentioned here have established themselves as trusted authorities. They've received glowing endorsements from many of their former and current clients. They're all great options for those looking for a debt collection agency.

But if you decide to go in a different direction, you'll need to work hard to evaluate a debt collection agency's reputation. This will ensure you find debt collectors you can trust to track down debts for you.

Reading online reviews about different debt collection agencies is one way to go. It'll allow you to paint a clearer picture as far as what an agency is all about.

You can also reach out to those companies that you know have worked with certain debt collection agencies in the past. They can provide you with more information about an agency so you know what to expect from them.

But the best approach to take is always to contact debt collection agencies yourself. By talking to them, you can feel them out and see if they live up to or fall short of their reputation.

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How Do Collection Companies Bill for Services?

When you hire a debt collection company to help you chase down debt, they're obviously going to bill you for it. But there are a couple of different ways in which they'll usually do it.

Some debt collection companies will charge you a flat fee at the start to collect the debt. Whether they're able to collect the debt or not, you will be responsible for paying the fee.

Other debt collection companies do what's called contingency debt collection. Under this arrangement, the company doesn't get paid unless they're able to collect your debt for you. But they usually collect a large percentage of your debt–sometimes more than 50 percent of it–as their fee if they're successful.

There are pros and cons to using both types of billing options. It's best for you to review these options and any others that might be available to you when you contact debt collectors.

Find Debt Collectors for Your Business Today

Outstanding debt is something that all business owners have to deal with at one point or another. But you don't have to let it keep you down.

Debt collectors make their living tracking down debts for companies that deserve their money. Many of them are great at it, too, and are able to find ways to get people to pay what they owe.

Would you like to hire a debt collection agency today? Compare debt collection agency quotes to see which company might work best for you.

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Review These Tips for Finding the Debt Best Collection Agency

Is your business interested in hiring a debt collection agency? It's important to do your research. Read here for a review of the best debt collection services.

Find the Collection Agency that Best Matches Your Business

Top Rated Debt Collection Company

Money is necessary for survival. It's a fact. We use it every day and we would be doomed without it.

Few things are more frustrating than providing a service, only to send an invoice and receive nothing. Unfortunately, there are many reasons why your customer may not pay.

So what can you do when your attempts to get paid for your work are ignored?

This is where debt collection services can save the day and help you increase profits.

Hiring someone to do that work for you can be a bit overwhelming. It seems like there are a million options for 3rd party debt collection, but there are ways to find exactly what you need.

Don't fear! We'll walk you through the process and help you find which debt collection agency will work best for your business.

When should I seek out debt collection services?

Normally, when you provide a product or a service, you expect to get paid for it. After all, this is your business and livelihood. This is how the world works!

Sometimes, it doesn't go this smoothly. Occasionally, clients don't pay.

This is extremely frustrating and can be detrimental to a small business.

There is a simple way to know that it's time to hire a company specializing in debt collections services. When you're spending a lot of time trying to get what is owed to you that it gets in the way of your other responsibilities — it's time.

Consider how long you've been trying to collect money from your customer. If it has been 90-120 days and your attempts have failed, this is a good time to reach out to someone who specializes in getting the money you earned.

How much will it cost?

Naturally, when you're trying to figure out what is best for your bottom line, the cost is important. You don't want to spend too much more just to get paid the amount you should have already received.

The cost of debt collection services varies greatly based on the exact services the debt collection agency provides.

There are a few types of fees companies use:

  • flat rate fees are the most straight-forward. The collection agency will charge you a set amount of each debt they collect. This works for a low number of clients who have not paid but is not ideal if you need regular services.
  • contingency fees simply mean that you will be charged an agreed-upon fee after the money has been collected.
  • percentage fees are exactly like they sound. The debt collection company keeps a percentage of the total amount of debt.

While cost is the most important component for most businesses, there are other factors you need to consider to ensure that you're using the debt collection services that best serve you and your customers.

Important considerations

The type of debt you are working with is something you should keep in mind. Some of the most common types of debt in the United States are medical debt, credit card debt, and student debt. However, there are many other types of debt that you may need to hire someone to collect.

There are legal factors you absolutely must consider. It's important to know the legalities of your own business. Here are some general things to keep in mind to protect yourself and your customers as you choose a debt collection company:


Otherwise, known as the Health Insurance Portability and Accountability Act of 1996, HIPPA was set up by the US government to protect the private health information of individuals.

If you're in the medical field and HIPPA affects your clientele, I'm sure you're familiar with the requirements and ramifications.

Make sure to choose a reputable company that adheres to HIPPA guidelines. This will protect you and your patients.


The Health Information Technology for Economic and Clinical Health Act goes hand-in-hand with HIPPA, so it also applies to all health professionals. HITECH protects health information that is transmitted electronically.

As with HIPPA, it is vital that you choose debt collection services that will use all information appropriately.


The Federal Trade Commission oversees the Fair Debt Collection Practices Act to make sure that debt collection companies use ethical means to collect debts. All reputable debt collection agencies will adhere to this, but be careful as some of the less credible companies may not.


The Fair Credit Reporting Act exists to make sure that the information on an individual's credit report is accurate. This is to protect consumers.

To keep things as smooth as possible, make sure that the company you choose for debt collection services will follow these requirements.


The Telephone Consumer Protection Act of 1991 provides strict guidelines for all businesses using telephone-based technology. Since telephone calls are one of the primary ways debt collection agencies contact debtors, make sure that the company you work with knows and follows TCPA rules.

How can I collect what is owed to me without losing my reputation?

If this question has been in your mind since you started considering using debt collection services, you are not alone!

Sometimes, the thought of debt collection can feel downright wrong. Ideally, you would be immediately paid for your work and no one else would have to get involved.

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However, the stark reality is that sometimes things do not work out that way.

Does it mean that your customers are bad people? Absolutely not!

While some customers may try to pull a fast on you, most of the time there are other factors that keep customers from paying. It could be that they do not have enough money or maybe they keep forgetting and just haven't made paying you a priority.

Maybe you are worried about how using a debt collection will make you look to existing and new clients. That's okay. Here are a few tips on how to utilize debt collection services and maintain a sparkling reputation:

  • Make sure that the debt collection agency follows all applicable laws
  • Ensure that they will not harass customers or use illegal means to collect debts
  • Read reviews from other businesses that used the debt collection agency
  • Look at the diversity of payment options available to customers for easy payment

Next step

Now that you know what to look for in a debt collection agency, it's time to find the company that will be most beneficial to you.

But where do you find these companies?

We're here to help you! In addition to numerous reviews on our website, you can contact us to receive free price quotes from up to 6 companies!

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Final Suggestions For the Review Process:

Ask About Collection Letter Services: Some debt collection firms will mail out several letters to the debtor, each one becoming more aggressive as to the ramifications of ignoring the letter.

Understand Litigation Options: Find out if the collection company has a network of attorneys that will be used to help you recover the bad debt. If legal action becomes necessary this may be of value.

Review Skip Tracing Solutions: Skip tracing is the process of locating a person's whereabouts for any number of purposes, but generally for the purpose of recovering debt. The collections agency should have access to software to find any individual who may have skipped town or is hiding to prevent paying their debt.

Which Collection Agency o you think is BEST? WORST? Write your review here.

Collection Agencies Review