The world of debt tends to creep up on many businesses. One moment it’s a small purchase on a credit card, the next it’s thousands of dollars with high monthly payments and high interest. Sometimes with this debt, businesses even fall into missing payments and become delinquent. This is where debt collecting agencies come into play.

In working with the thousands of clients in the IC Systems’ portfolio, Bryan spoke about some of the information that small businesses should have handy when going to a debt collection agency. The more pieces of information the better as the process of collecting debts can be time-consuming with a lot of details. He said that businesses should have there, "Basic demographic, information like your first and last name, and the consumer or patient, address, primary phone number, a balance that's owed, and then separating that from a principle to other fees like interest as well.”

Debt collection agencies can take on a lot of different types of debts with a varied amount of circumstances. They look to expand on their partnerships with whoever they’re going into business with. But as Bryan explained, there are instances where agencies can’t or won’t take on the debt that people should know about. He said that “any bankruptcies, we would not look into. If I a debt can’t be validated or it might be disputed, we can’t accept that. Anything that that hasn’t been notified from a past due status.”

Debt collection agencies continue to be a go-to source for those who find themselves drowning in debt whether it be an individual or business. One thing to remember as Bryan added was that time is always of the essence with debt.

“The longer you wait, it just is more difficult”

IC System has over 85 years of experience in medical and dental debt collection, rent recovery and other business collections. For more information, visit https://www.icsystem.com/.