Emails or Phone Calls - Which is Effective for Debt Collection

Today, people communicate with text messages and email. Most recently, I discussed how to write a good credit archive email, I have discussed how to store data by phone. But what is effective for a debt collection agency: phone calls or email?

People have their priorities about the caller or email, perhaps the individual and / or company's move is the right way. Personally, we still want to follow the call with a confirmation letter by email, which shows what we accept, especially when it comes to a dispute or promises to make a payment. Calling is a very quick and effective way to raise money. When you are talking to someone else, it is also hard to ignore the problem, people have the possibility of opening the phone, and if you come from the insights lines, you can still get more information about any problems.

Quick problem fix

By call, when you are talking to the phone with the back-end-out on the email, it's easy to solve the problem. Work together to solve problems is a great thing to build intimate relationships with your borrowers and to provide outstanding customer service.

Ask your debtor what they like

Do not forget to ask your debtor or the method of communication works well for debt collection. This movement is as easy as making it easy for you to contact your debtor, so ask them what they like and make a note on your case. Many people will tell you that they prefer email - this is not a short shot, it takes less time to react with phone calls but it's also easy to overlook.

Emails work as well

Email them first to put customers on their list again, if they do not reply to your email, be ready to call also for people who do not respond to phone calls before 7 days or other call or return after email. Do not listen, make sure you have follow-up procedures. When you are a follower - using more than one method is the best practice.

Conclusion

Sometimes do not fill the phone or just one email. If you call them, leave the voice mail, then send an email. If you email a customer and give a response, always call for follow-up. Using both methods, you can get the best of both worlds and they are most likely to be able to use both calling and email effectively.

Importance of Credit Reports and Credit Score

Let us first have a glance at what it is?

Credit Reports:

It is a detailed report of a person, it contains credit history which is prepared by a credit bureau. The information is first collected by the bureau to summarize the person's creditworthiness. These report helps individuals to determine loan from banks or lenders.

Credit Score:

It is a three digits numerical grade that evaluates an individual's creditworthiness based on Credit Report. Typically the score ranges between 300 to 850. It is believed that the higher the score, the more financially trustworthy a person is considered.

Now, let's take look at some of its importance.

• A large variety of businesses uses the information from both sources to make important decisions about you.
• Financial institutions thoroughly check it before approving any type of loan or credit card application.
• Even the Insurers uses this reports to determine your risk profile and establish your monthly premiums.
• To verify the Employers and landlords check your credit score to determine how responsible you are.
• Both the report and the score affects your life as well, so it’s important to build a positive credit profile and establish good credit habits.
• Buying a house is the most difficult task to achieve in life and if you don't have a good credit score, no banks would let you any loan.
• When Starting a business, you may need a business loan, for which it is an important indicator. It will determine your eligibility for Business Financing.
• A good score of credit ranging between 700-750 acts as an important factor in obtaining any type of financial assistance, as it is considered a very good score. Many banks consider it before giving a loan.

Hence, A true advice can be never delay in paying, weather it is a credit card bill or any due. Maintain your credit profile well. We at Debt Nirvana help you make Credit Reports that you can present for any financial assistance. For more information about our service visit our website or contact us today.

Use of Social Media in Debt Collection

We use all social media sites to leave tracing. Leaving Trading is an industry term to track to a receiver when you do not know your current address, phone number or place of employment. When someone searches for us to gather for a loan, use any information for that purpose, including information available independently on social media sites for debt recovery.

Often, we are looking at that some debts are ongoing and they are wary because they give information on your social media profiles, so they mark it personally. This is where we are constructive, we may be able to see debtor friends on Facebook, we look at their post and maybe get information about the location of the debtor, workplace or recent locations, and with whom they will travel.

There are no rules against social media for debt recovery

In the form of debt collection, we must comply with customer laws and loan recovery, also adhere to the Institute of Conduct Mercantile Agents Limited Code. For more information on the guidelines on social media law and debt collection,

New type of debtor

A new type of debtor 24/7, new online channels and new communications tools, online advisory trusts, buy more online than offline, want to answer your product or service, are expected to use good customer service and read and make product and service Reviews use websites they compare to search for quick services which others use and what their conversations are.

New kind communication with debtor

With this new type of debtor, we must accept debt as a collector, and provide new ways to communicate with these borrowers. Every store agency should have a social media policy when it comes to social media profiles and content, and should use high level transparency. We all remember a big Australian bank event, where employees were caught in fake Facebook accounts to send messages to borrowers. Social Media is a policy to work on debt collection and it is not to make sure that your employees are trained and that you know about your procedure.

Conclusion

Our impact on these new social borrowers is very immediate. Twitter, Google and FB will provide an immediate review on service and interaction. So be active. Before posting any negative comment, talk to your debtor. Give an online chat forum to your website so they cannot wait on your phone line or email their feedback.

Why Business Information Report is important for Making Business Decisions

A Business Information Report assists in identifying key areas of strength and weakness of your company. It also adds a current record of your business performance and visualizing the companies priorities. The Use of this detailed report will help you mitigate potential business risks. It also facilitates to determine the companies profitability, financial stability, and payment performance records.

BIR is set as the industry standard for evaluating both new and existing credit relationship with a particular focus on medium to high-risk accounts,

The Key Benefits of Business Information Report are :

• You can determine the profile size, scope, and nature of a business.
• You can check background review of owners and key employees.
• You can match the risk assessment for new and existing clients.
• You can review the companies payment trends.
• You can also review the companies financial information.
• You can also determine the companies credit rating.

Further, There are 2 types of BIR.

Commercial BIR

The report includes the necessary information that allows you to determine the potential partner’s reliability. This report concludes a general evaluation of the companies sales, expenditures, and legal status.

The main benefits of these report are:

• This report is an important first step to establishing strong and safe business relationships at every step.
• It allows your company to improve risk management.
• It analyses the opportunities, and manage client relations.

Comprehensive BIR

This report provides a much deeper and wide-ranging view of the target company. The report comprises of the risk surrounding the important commercial negotiations. The comprehensive BIR assures you that your next business deal or decision is with a responsible and trustworthy partner.

The main benefits of these report are:

• With these report, you can identify potential clients, suppliers, and partners.
• You can better your understanding of the competition.
• This report evaluates the management quality of the targeted company.
• You can also discover past and present payment habits of the company.
• You may also identify the cash flow of management in detail.
• Lastly, you can even analyze your financial tendencies.

At Debt Nirvana, We offer robust compliance reporting services that provide solutions to save your organization’s time, its resources, and also avoid costly or unpleasant business decisions. Our Service includes debt collection services, debt recovery service, bad debt recovery, account receivables outsourcing and many more.

4 Excuses you come across while Bad Debt Collection

Debtors are always trying to negotiate their payment at the time of bad debt collection. Here we are sharing some common excuse of debtors and their solutions so that you can convince them to pay your money.

1. I do not have enough money at this moment

In one of the most common excuses, the smart debtors will try to buy themselves some extra time, only to say that they have no money to pay at this time.

Answer: Ask them to fill in financial statements. There is a ready and available online send to it. If you want to use our template if those who say it is true, then they will not hesitate to complete the financial statements. Then you can work with people who can find out. If they deny, then let us know alternative options, which is a court order, and then to appear before the court to reveal their property and liabilities, a subcontractor Do you want to do it in a simple or difficult way?

2. I promise to pay within two weeks

The repeating offense lenders will often promise about payment. They have a bad habit of not keeping those promises

Answer: The document promised and make sure that they stick to it, they have put it in writing, the email will do it. Keep detailed notes of each promise made and fulfill every promise. Call and email them right before and shortly before their due date. If the first promise is broken, then immediately subcontract the debt collector. If they break the promise, then they are likely to break it again, so in my opinion, once the promises are broken you cannot show mercy.

3. I will call you tomorrow

Perhaps the most frustrating type of debtor is the one, who promised to call in the future, but he never does. And then they stop ringing their phones completely.

Answer: Whoever does not bother to inform you of your situation, clearly there is no intense desire to maintain the business relationship with you, so this type of debtor should immediately go through his collection process. As debt collectors, we will not be weak in these situations.

4. I want copies of all documents

Generally, this is another delay or avoidance strategy for not paying you. This is a very common stability strategy.

Answer: In the first example, provide all the documents to your debtor. In the form of loan collectors, we always send all the documents to the debtor with the first letter of demand. In this way, they have no excuses. We have only one document ready to go at any time. That's why you should emphasize updating all your records.

Key takeaways

Thus, there are a lot of excuses that you can witness, while claiming your hard earned money. In order to prevent such drama, it is vital to hire a reputed bad debt collection agency to get the job done easily.