What to Look For When Hiring a Debt Collection Agency in Jamaica

by | Jan 10, 2024 | Debt Consultant

If your company is having trouble collecting money from customers or clients who owe you money, you might think that you have little recourse beyond taking them to court, which can be quite expensive and cost more than what is owed in some cases. However, you DO have the option of hiring a debt collection agency in Jamaica. There are many benefits to doing so, but you need to know what to look for when comparing these types of businesses.

Ask What They Specialize In

Many debt collectors specialize in dealing with certain types of companies. For instance, they might focus on trying to recuperate funds from small to medium-sized businesses while others make individual consumers their target demographic. You will have to determine what your company’s specific needs are before you hire an agency debt collection management in Jamaica.

Check Their Credentials

Contrary to popular belief, there are actually many laws surrounding collection agencies that they must follow. To ensure that you hire an “above the board” debt collection agency in Jamaica, verify that they are licensed and bonded and that they also follow the Fair Debt Collection Practices Act, which is a federal law that dictates what a collection is and is not allowed to do.

Do They Skip Trace?

This is a method that experienced agencies use to locate debtors who have moved and left no forwarding address. It is a vital tool for debt collection management in Jamaica and one that you will definitely want the agency you have hired to regularly use.

If you would like to discuss further how debt collection can help your company, please contact International Asset Services Limited at https://www.iasl.biz

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