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You have a business debt that you just can’t get paid. You’ve tried countless times to reach out to your debtor, to no avail. Now you have no idea if they're just ignoring you or if they even have the funds to pay you.

Who do you turn to?

When business debts get this bad, people typically turn to a commercial debt agency. What doesn’t typically come to mind are investigators.

But investigators can be invaluable to your debt recovery efforts. Think about it, with their background in tracking down people and getting the right information, investigators are great for finding debtors … and your missing money.

But what if they worked together? Imagine how much faster you’d get your money back. Yes, investigators make great additions to a debt collections team.

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Why Team Up Asset Recovery and Investigations?

 

Why-Team-Up-Asset-Recovery-and-Investigations

So what exactly can field investigators do to amplify your debt collection needs? Most private investigators will start off by looking into your debtors’ financial situations, to find out if they actually have the money to pay you back or not.

They may also use their skills and resources to discover any hidden funds that your debtors may be hiding from you, or any other business information that can determine whether or not your debtors can pay. Information you need to move forward.

Tweet this: There are many benefits to teaming investigators and debt collections.

There are many benefits to teaming up investigators and debt collections. For example:

  • They have the right experience. Investigators have the expertise to really dig in and get the information to help recover your assets. They use their experience to get you the most money, in the most efficient and quickest manner. You don't need to stress or worry.

  • They are trained to recover your debt. Besides having the right skills for investigating, field investigators who regularly work with debt collectors are trained to specifically deal with debt recovery and credit cases. They're totally focused on solving this one specific problem and getting your money.

  • They know the laws on debt collections. A reputable debt collection team will be up-to-date on all the rules and regulations when it comes to debt collecting. They should know the Fair Debt Collection Practices Act, and abide by it. They will ensure you and your team of collectors and investigators stay legally compliant and out of hot water.

  • They have the right licenses. Any collection agency must be licensed to collect debts in the state your debtor resides in. Besides knowing the laws, a debt collections team will be licensed to collect your debt for you, no matter where your debtor lives.

  • They can tell you if it’s worth your time and money. It’s unfortunate, but some debtors avoid you simply because they don’t want to pay. As we previously mentioned, investigators can use their skills to discover assets you might otherwise never know about, giving you an idea if your debtor does actually have the funds or not.

  • They can help you determine if legal action is necessary. Armed with credit and asset information on your debtor, you can make an informed decision on whether or not you want to pursue the case. You will find out if there's money to recover, or if pursuing further action will only lead to a dead-end and more lost business funds.

Getting Started

 

Getting-Started

There are a handful of industry associations and foundations, and agencies have to go through extensive requirements to get certified by these associations.

They're required to meet and maintain high levels of professionalism and integrity, and follow a strict code of ethics – which translates to better knowledge and better service for you. They will get the job done the right ways – without damaging your own business's reputation or relationships.

Any investigations and debt recovery network you choose should be a member of or be certified by these associations.

  • Commercial Law League of America (CLLA). This is the largest organization of attorneys, credit and debt collectors and professionals in North America. To get certified, agencies must adhere to strict standards and requirements set by the CLLA.

  • Association of Credit and Collection Professionals (ACA) is a thorough resource for the collection agency. It brings together over 5,000 members, including collection agencies, attorneys, asset buyers, and other affiliates.

  • Commercial Collection Agency Association (CCAA) conducts a certification program. Their will website also provides many resources including the collection agency's code of conduct, profiles to certified agencies, free literature and more.

  • Commercial Collection Agencies of America is a collection agency body, and the only one where all its members are certified. Collections agencies that is certified by the Commercial Collection Agencies of America a privy to services that help them achieve maximum dollar recovery, reputable collection procedures, assistance choosing legal counsel, if necessary, and more – all of which helps them help you.

  • International Association of Commercial Collectors (IACC). The IACC strives to provide its members and the collections agency with resources and educational programs. All members must abide by the IACC bylines, code of ethics and rules and regulations.

When it comes to B2B asset recovery, nothing works better than teaming up investigators and debt collectors. By combining the skill and know-how of seasoned investigators with the industry knowledge and experience of debt collection agencies, you stand a much better chance of recovering any delinquent business-to-business debts and ensuring a better bottom line.