The debt Collector working your account will be far more likely to collect monies owed to you if you have plenty of documentation.
Think of each of your accounts like a story. Like any good story, we have a rosy beginning, the conflict in the middle and the happy end where merriment rules the land. The most successful efforts toward debt collection occur when your debt collector knows the whole story.
Provide your debt collector with detailed documentation.
Your collector is going to make demands of your customer on your behalf based on what he knows. To do that professionally, he needs accurate information. He needs facts, figures, dates, times and signed agreements.
Give your collector everything you have that will help to substantiate your claims. The more your collector knows at the time of placement, the more likely he can reduce the time it takes to collect.
Accuracy and thoroughness will greatly expedite matters when collecting the debt!
Among the things to include:
• A clear, concise and detailed account statement
• Record of in-house collection efforts
• Legal name of the responsible party
• Addresses and phone numbers
• Copies of invoices, purchase orders, credit application and contracts
• Copy of signed personal guarantee
• Record of promises made
• All correspondence (letters, faxes and emails) related to the account. Highlight any admission of the debt
• Bills of lading, bills of exchange and proof of delivery
By keeping accurate A/R records and detailed notations of your correspondence with each customer, you’ll be ahead of the curve if he starts paying late. Then, in the event that you must to place an account, your collector will have what he needs to get as close as possible to the best end to the story!