What is a collection Agency?
A collection agency is a specialized organization that acts on behalf of a creditor to collect overdue amounts. A collection agency usually does not take ownership of the debt but just acts on behalf of its clients to organize the collection activity. It does not guarantee the collection.
Why do people fail to pay?
There are many reasons why people do not pay on time. A lot of the time people just dont want to pay. Sometimes genuine financial difficulties, particularly of a temporary nature, are among the causes. In such cases, the person is likely to pay as soon as his financial problems are over.
The downside of using a collection agency
The persons owing the money generally view using a collection agency with apprehension. This makes them view the approach by a collection agency in a negative light. This might cause them to resist any attempts to collect money from them, even if its genuine. Moreover, it might result in loss of genuine and valuable customers, from whom the money would come to you in course of time, although they might have delayed the payment temporarily or in a particular case.
It is,...
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