How to Properly Evaluate a Debt Collection Agency
Direct Recovery
by Richard Hart
1w ago
There is a time in every business story when managing the accounts receivable becomes too big for the core team. Many companies hire a collection agency to handle their problematic or delinquent accounts when that happens. This can be a big help in alleviating some of the workload from your best people, allowing them to focus on what they do best. But if you aren’t careful and hire the wrong agency, it can also be a complete waste of time. We have previously discussed strategies for evaluating your existing debt collection agency, but there are slightly different qualifications you should con ..read more
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5 Key Lessons from The Psychology of Money by Morgan Housel
Direct Recovery
by Richard Hart
1w ago
Legend has it that Morgan Housel wrote a large chunk of the first draft of The Psychology of Money in the same format as every other financial advice book, but then he took a hard left turn and chucked that draft into the trash. Housel had spent a large portion of his life breaking down complex financial topics into short blog posts, so why should writing a book be any different? The result was a massive success runaway bestseller of a book that is changing the way everyone who reads it looks at their psychology around the topic of money. With the weight of that accomplishment in mind, let’s ..read more
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Invoice Formatting Tips: 5 Ways to Make Sure You Get Paid First
Direct Recovery
by Richard Hart
1w ago
The best way to maximize your collection efforts is to minimize the number of collections you have in the first place, and reducing the number of accounts in collections starts with formatting your invoices. Invoices are the primary means of asking your customers to pay you for services rendered, but their effectiveness can vary dramatically depending on whether or not they include the following five essential elements. Number Your Invoices One of the easiest ways for customers to miss payments is when they assume that multiple invoices are the same invoice sent numerous times. This can lead ..read more
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Can Debt Collectors Report Collections on My Credit Report Without My Social Security Number?
Direct Recovery
by Richard Hart
1w ago
One of the most common misunderstandings about the debt collection industry is that many consumers believe that debt collectors can only come after them if they provide a social security number at the time the debt is incurred. However, those consumers often find that this is not the case once those debts make their way onto a credit report. These misunderstandings are surprisingly common in the medical debt collection space, as many hospital patients are treated and released without ever providing their social security numbers. Whether you just uncovered an old medical debt or are struggling ..read more
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Can Debt Collectors Access My Credit Report?
Direct Recovery
by Richard Hart
1w ago
Are you under the impression that the only people who can see your credit report are the ones you authorize when applying for new credit? That is not exactly the case. Believe it or not, debt collectors can actually pull your credit report, and they don’t even need your permission to do so. Even if you work to keep up with your credit report, you might be surprised to find sudden changes that debt collectors might encounter, or even cause themselves. Who Can Pull My Credit Report? Creditors usually pull credit reports to gain access to information about people they are considering lending mon ..read more
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7 Areas Your Business Could Cut Costs to Save Money in 2024
Direct Recovery
by Richard Hart
6M ago
With the global pandemic in our rearview mirror and an upcoming election here in the United States, 2024 should be an opportunity to post record numbers for businesses of all shapes and sizes across the country. However, things aren’t as positive as we might like to see closing out 2023. Regardless of the shape your business is in right now, or whatever may lie ahead in the coming year, there is nothing wrong with being cautiously optimistic and attempting to cut costs while hoping for monster revenues in 2024. To help you plan for the worst-case scenario on a just-in-case basis, here are seve ..read more
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5 Reasons to Partner With a Commercial Debt Collection Agency to Handle Your Collections
Direct Recovery
by Richard Hart
6M ago
Operating a small business can be overwhelming, even on the best days. Unfortunately, the best days have been few and far between for most businesses across the country over these past few years. Between economic fears limiting consumer spending and rising costs leading to shrinking margins, almost everyone feels the pinch today. That means every little thing you might do to save money, time, and effort could be significant, and removing the task of managing your collections accounts from your plate can go a long way toward making things easier. Let’s jump in and take a closer look at five rea ..read more
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Six Easy Ways to Trim Your Budget and Get Out of Debt in 2023
Direct Recovery
by Richard Hart
6M ago
Rising interest rates are putting a strain on consumer finances across the country, and no one is sure whether inflation has finally calmed down or not. Whatever you think about economic policy, there is no denying that we’re all struggling to adjust right now. While conditions are certainly not ideal, getting ahead is still possible, and that is especially true if you are willing to trim your personal budget. Let’s look at six minor adjustments you can make today to help yourself get out of debt over the winter! Stop Shopping Online It’s a proven fact that spending money is much easier when y ..read more
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Avoiding Time-Barred Debt: Six Tips to Make Sure You Stay On Top of Your Collections
Direct Recovery
by Richard Hart
8M ago
Once an outstanding debt reaches time-barred status and is no longer collectible, there is little that a creditor can do to recover the amount owed, so the best approach to handling time-barred debt is to avoid getting to that point in the first place. If you want to ensure that your outstanding balance doesn’t fall into time-barred territory, here are six tips to help you stay on top of your collections. Maintain an Accurate Database The first step in stopping debts from becoming time-barred is to ensure that you have an accurate database including all the details of your open accounts, amoun ..read more
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Four Reasons Why Improving Your Debt Collection Rate is the Best Way to Increase Cash Flow
Direct Recovery
by Richard Hart
8M ago
Cash flow is commonly said to be the lifeblood of any good business, so it only makes sense that the best companies would want to do everything in their power to increase cash flow. Improving the debt collection rate is one of the easiest ways to increase cash flow for any company extending credit to its customers. These debt collection rate improvements can impact a business’s cash flow in four different ways, which means there are four good reasons you should be thinking about upgrading your collection effort right now. Reason 1: Boosts Financial Health The primary reason that increasing you ..read more
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