What Kind of Information Does a Collection Agency Need? June 26, 2008
Before you contact a collection agency you might want to give the customer a polite phone call letting them know they have an overdue payment. If that doesn’t work snail mail them some overdue statements before contacting a collection agency. Most businesses call in a collection agency once an account is 60 days to 90 days past due.
To ensure your company collects the money it is owed, it is important to provide the collection agency with the following:
The debtor’s name.
The debtor’s address.
Balance owed.
Signed invoices or contracts substantiating debt.
Social Security number aids in tracking difficult to locate debtors but is not required.
