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How Do I Hire a Collection Agency to Collect My Tenant Debt?

Handing my tenant debt immediately to a collection agency is not my first preference. Myself, I would first report the debt to Experian, Equifax and TransUnion, and let the ding on the debtor’s credit work a few months before I gave it to an agency that will charge me a hefty commission.

Collecting tenant debt is much different than collecting other debts, such as credit card debt. A collection agency represents you and your business, and you could be taken to court should they violate the law. And, just as important as any legal matters, is how well they will collect your debt.

I have worked in the industry for 12 years and would like to believe that most collection agencies work hard, ethically and within the law. But, as in most industries, there are those agencies that I consider to be renegades. They operate outside the law, or right on the edge. Unfortunately, these companies get all of the press, thus making all agencies look bad.

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The fact of the matter is that the collection industry fills a critical need in the business world. Imagine if everyone could just stop paying their bills with no repercussions. Do you think any bank would loan anyone any money? And what would it do to the prices of all goods and services?

Here are what I consider the most important factors in hiring an agency to collect tenant debt:

o Has the agency had any verified Federal Trade Commission (FTC) violations? The FTC regulates and investigates the collection industry; more than one violation would concern me.

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