Once A Collection Agency Goes To Work, What Are The Chances Of Success?
The odds of collection are pretty good at an early stage but drop dramatically with the age of the account. The longer a delinquent account is held by the creditor, the lower its chances of being collected at all. When you turn over an account, especially if it’s of an advanced age, be realistic; don’t expect miracles. If you are dealing with a solid business that hasn’t paid, you have a fair chance of collecting once the agency sets to work. But, if the debtorbusiness is financially shaky or irresponsible, recognize that the agency will have tough going. Using professionals can increase the odds of collecting, but there are no guarantees.