Dun & Bradstreet debt collections, also called D&B debt collections, will attempt to collect your business debts. Using third party debt collection agencies, such as D&B debt collection agencies, can help preserve your relationship with your customers. It's a Dun & Bradstreet debt collection agency's job to be the "bad guy" on your company's behalf.
But before you retain Dun & Bradstreet collection services, make sure that's the best course of action for your business. D&B debt collection agencies and others like them will ease your workload, but don't jump the gun on a customer who may have misunderstood the terms of service. Before turning an account over to a D&B debt collection agency, work through this checklist.
1. When should you use either D&B debt collections or another agency?
2. What can D&B collection agencies or another debt collector do?
3. Which of the offered Dun & Bradstreet collection services makes the most sense for the circumstances?
Decide if you should retain either D&B debt collections or another agencySlow-paying and no-paying customers are frustrating for any business, but before you call in the big guns like a D&B debt collection agency, make sure you should and that you can. Take into account whether or not the customer in question has a good prior history with your business and make sure you understand federal laws about collecting debts.
Federal Trade Commission updates fair debt collection laws online as the government modifies them. These laws tell you when your business has the right to turn an account over to a debt collection agency. If you're not ready to hire an agency but want to try and collect the debt yourself, Work.com, Inc. has an excellent guide on how to write your own debt collection letters.
Find out what Dun and Bradstreet collections (or a similar agency) can doThe Dun & Bradstreet collection agency can't make the impossible happen. If your customer closes up shop and flees to Estonia, even the D&B debt collectors probably can't recover your money. But once an account gets delinquent enough to hire a debt collection service, a good service like a D&B debt collection agency will make more progress than your business can on its own.
Privacy Rights Clearinghouse lists credit laws by state. These are in addition to federal fair debt collection laws, and a D&B collection agency (or other agency) will be restrained by these state laws. To understand how an agency works, you need to interview those at the agency. The law offices of Alexander L. Ullenberg prepared a list of questions to ask a potential debt collection agency.
Select Dun & Bradstreet collection services that match your needsD & B debt collection services vary in price and services, so review the packages before you select a service. Read the fine print about fees so they don't surprise you later, and make sure you understand which services Dun & Bradstreet collections will provide and which may come from a strategic partner.
- Don't hire Dun and Bradstreet debt collectors (or any other debt collectors) in a fit of anger. Make sure you want to turn an account over to Dun and Bradstreet collection services before you risk a good customer.
- While you don't want to lose a good customer, don't wait too long to hire a debt collector like Dun & Bradstreet. Debt collectors say that the longer a business waits to collect a debt the less money it will recover. If a customer ignores your requests for payment, it's time to call Dun & Bradstreet debt collectors.