Considerations

When you choose a third party to assist in your recovery consider the following:

Are they licensed?

Illinois, like most states, regulate collection agencies so that you have assurance that state and federal laws are being followed.

Are they bonded?

Bonding helps protect your assets if the third party has financial issues they are dealing with.

Do they have error and omission coverage?

In today's world, any company is vulnerable to suit. E&O helps protect you and the agency should legal action be taken. FDCPA violations are part of our industry, many times the Client is drawn in because of their 'deep pockets'.

What is the FDCPA?

The Fair Debt Collection Practices Act provides the rules that third parties must follow in collecting any type of debt from hospital bills to 'bad' checks.

Do they have a Trust Account?

Money collected on behalf of a Client are to be placed in a Trust Account on behalf of the Client. Commingled funds have resulted in companies going out of business without the Client getting money they were due.

What recovery services do they provide?

Letter only services, represent check specialist, legal specialist come and go daily in the collection industry.

What happens to items they don't recover?

Using a licensed and bonded collection agency means you won't have to find out the answer. All your recovery needs are met and you are protected.