These 5 steps take very little time but pay large dividends for your bottom line results. Not only will they increase your Collection Agency’s results significantly, they will also make it much easier for you to deal with your late paying customers. In this case, a penny saved is a dollar earned.

1. Make sure your Guarantor or Co-signer has the ability to pay the bill. Since the Applicant does not have adequate credit, the co-signer must. This is also true for income. If the Guarantor is no more credit worthy than the Applicant and has no better income, you will not get paid and your Collection Agency will not be able to collect, either. Somebody who signs must have everything required from an Applicant.
2. Make sure your Prospect has enough available credit. A good credit score isn’t enough. Even if you owe over 90% of your available credit, you can have a good score if you pay bills on time. That all changes quickly once you have maxed out your credit which happens frequently in these cases.
3. Don’t trust Pay Stubs. Applicants may have been fired, the week presented may have been a particularly good one or the stub could have been altered which is very easy using picture editing software. Don’t trust a call to the ‘Boss’, either. This person has been prepped to expect your call and will often protect their Employee. Call Human Resources.
4. Get as many phone numbers as you can. People will fill out your form so ask for Main Work phone, Direct Line, Cell, Home, Emergency Work and Emergency Cell numbers. This makes it far easier to find a missing Applicant.
5. Know who is going to pay the bill. It can be the Applicant, a Company, Insurance or almost any other person. Once the Applicant tells you, check. You may want this entity to sign a responsible party form. You don’t need a fight with a customer over who has the responsibility to pay your bill. 

ABOUT EXECUTIVE CREDIT MANAGEMENT, INC.

Executive Credit Management is a full-service Debt Collection and Applicant Screening agency with over 20 years experience located in Central New Jersey. We provide excellent service in the following areas: Employment Screening, Business Screening, and Tenant Screening. Executive Credit Management belongs to a number of Skip Tracing databases and offers services to help locate and confirm the current address of missing debtors. Other services provided are: litigation evaluation on all lawsuit decisions, improvement of the quality of the applicant data, Lawsuit Monitoring, Handling of Debtor Disputes. Executive Credit Management features the best Call Monitoring System in the Debt Collection industry.