When outsourcing the services of a debt collector, it is important to know their core values. A lack of professionalism with clients and little empathy toward homeowners may signal that the collections agency is not aligned with your community goals or even legitimate.
Competence starts with proper licensing in your state that can quickly be verified by checking with the state attorney general or consumer affairs department websites. You should also be able to find details about the company, including contact information. A proper debt collecting agency is happy to share any information to prove they have the experience, tools, and knowledge to improve your debt collection procedures.
Equity Experts offer transparency on all debt collection processes, outlining your state’s laws and matching them with association regulations and bylaws to maintain compliance and protect you from legal liability. By adding technology through software and automation, tracking consistent activity is simplified, accurate, and provides faster results.
Debt Collection Education, Resources, and Recovery Rates
We know when accounts are past due for longer than six months, the likelihood of recovery drops to 50% and halves again after 12 months. Speed is the reason we recover 98% of outstanding debt. We resolve cases typically within 90 days and increase cash flow to help you support the staff and residents of the community.
With a strong support system, Equity Experts help community managers and board members save time, energy, and resources. You won’t have to be the one to negotiate fees or find yourself making allowances that are not in the best interest of the community.
We educate community management companies and associations to maintain empathy and respect between owners and fiduciaries. A forward-thinking, innovative, and responsible approach improves relationships. Equity Experts even offers a RelEEf program to assist owners dealing with emergencies.
Our process generates legally required letters in the mail, verifies the owner’s personal details, gives owners the ability to request information about the debt, and offers more than one payment method. We work with the homeowner, not against them, to resolve the problem quickly.
Core Values that Protect Everyone
Protect your community with the right debt collection agency. Honesty, transparency, and empathy are core values to look for before hiring them. Be sure they can offer the technology to streamline a process for better accounting accuracy, tracking accumulated fees, consistent and compliant communications, reducing strain on your staff, and inspiring confidence in your residents.
Reach out to discuss any concerns you have with outsourcing a debt collection service. Equity Experts are happy to answer questions and explain the benefits and improvements made in the debt collection industry. Regardless of the size of your community, you will have peace of mind knowing that liability is reduced. It only takes one unfortunate incident to find yourself in court with an unhappy resident. Our processes protect everyone from a potentially negative impact, so your community continues to run smoothly.
Contact us today for a consultation to discuss your customized debt collection solution.
To learn more about Equity Experts and debt collection, see the following:
Equity Experts Explains: What to Know About the Fair Debt Collection Practices Act
Equity Experts Prevents Owners From Losing Their Homes
Sources:
https://www.bankrate.com/finance/debt/tips-to-know-if-debt-collector-is-legit/
