What are the Industry Standards for Commercial Debt Collection Services?

There is so much information online about financial services, that choosing the right reputable commercial debt collection agency can be a challenge for business owners. To make the process easier, there are several credit rating systems and association memberships that are designed to ensure ethical standards amongst commercial debt collection services so that you can make the best choice for your business.

ACA Membership

The International Association of Credit and Collection Professionals (ACA) was established in 1939 to promote ethical standards in the industry, and to ensure the value of credit collection professionals in the wider community. Make sure the debt collection service you choose displays ACA membership.

The Assurance of a Creditsafe Score and Equifax Rating

Check that any debt collection service you consider has a high Creditsafe score and an Equifax ‘A’ rating. Equifax is one of the longest established credit rating companies in the world, whilst UK-based Creditsafe is the market leader in providing credit information on more than 4.5 million British businesses.

Licences and Insurance – Your right to confidentiality and rigorous data protection

You need to be sure that your business information is safely stored - confidentiality is a vital issue when it relates to business records. Ask about the debt collector’s data protection policies to ensure that all your business information is stored securely for the designated period and then destroyed in a secure manner.

An Effective Service from a Company Dedicated to Maintaining High Ethical and Professional Standards

Ask if the debt recovery agency offers competitive rates and a personal service, and that they are able to demonstrate a proven track record in recovering outstanding debts both at home and abroad. An initial assessment of your bad debt portfolio (indicating time frames for recovery) should be based on careful consideration of the circumstances in which the debt arose and the current state of the debtor’s business, combined with any previous efforts you have made to recover the funds.

A debt recovery services that offers all of the above and has a proven track record of success recovering debts worldwide should have enough confidence to offer their services on a contingency (no win, no fee) basis.

Don’t compromise when it comes to your business finances, there a reputable companies with association membership, sound credit ratings, and an established record in the global commercial debt recovery sector ready to help you now.