General Collections
Standard collection services are practiced by most collection agencies in the industry and involve mostly phone calls and letters. What makes our business process different is our collection philosophy and the experience of our collectors.
One of the key aspects of having an effective collection strategy is early and frequent contact.
Most studies show that the earlier the debtor is contacted the higher the recovery rate will be. Early contact also allows first access to limited funds that a debtor may have. Frequent contact is also important in that it shows persistence and lets the debtor know that they can’t just ignore this collection matter. It also allows our collectors to explain the benefits of resolving the debt in a professional manner.
Another key aspect of debt recovery is diligent follow-up. Collectors must follow-up on all promises that are made or broken by a debtor. This is a credibility builder that shows debtors that they must honor their obligations.
CWA Recovery provides debt collection services using a technology driven methodology and respectful, professional philosophy. General collections are successful only when you follow certain tactics, but most importantly, when we intervene early. Industry statistics clearly show the earlier you begin assertive collection efforts, the more likely you are to recover receivables. Prompt collection efforts also recover greater amounts from each outstanding receivable.
