Another reason you might want to hire a debt collection agency is to maintain the strong relationship your business has with its clients. Agencies can be the "bad guy" in dealing with debtors.

Try implementing sound debt collection strategies before hiring attorneys or agencies to help. For example, ensure your invoices are clear and present easy payment options. When you’re owed ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Thomas J. Brock is a CFA and CPA with more than 20 years of experience in various areas ...

A debt collection letter is a formal debt reminder that you send (or hire a collection agency to send) to a nonpaying client. You can send a debt collection letter to a B2B client (another ...

Collection agencies have a more valid case if they can show you've attempted collection previously. This way, the renters can't say they weren't aware they still owed rent. Hire a collection ...