If you own a debt collections business, look into software for collection services. For some, the business of debt collection might conjure negative connotations. For most businesses large and small, the process of debt collection becomes a necessary company lifeline.

With the advent of the business and office software industry, debt collection services software has become an integral part of many commercially successful business office software suites. There are also standalone collections agency software products that only focus on an aspect of the debt collection process. Aspects include:

1. Debt collections software that serves the legal process of debt collection
2. Debt recovery software for business debt management and accounts receivable monitoring
3. Automated phone call center debt management software for debt collection services
4. Debt collection services software to help locate debtors and debtor assets for recovery and repossession

Action Steps
The best contacts and resources to help you get it done

Explore the features of debt collections software aimed at the legal debt collection process

Visit sellers of debt recovery software that specialize in helping you or your lawyer file a legal document against a debtor.

I recommend: Legal information service Nolo offers do-it-yourself information on sending debt notices and the legal process of debt collection. LegalZoom.com, another legal information service, has a step-by-step process in small claims for business. Global Software Services are suppliers of debt collection services software, Latitude Software, that liaison with lawyers. Partner-to-Partner is debt collection agency management software for law firms from Hubbard Systems, Inc.

Explore the features of account monitoring and collection management software

Use account monitoring and collection management software to help keep track of business debts and business debtor accounts.

I recommend: Autorek, a Microsoft partner, makes Autorek Collector debt collection management software. Collections, a debt management software suite from Shaw Systems Associates Inc, includes a range of features such as delinquency management, customer care and bankruptcy processing.

Explore the features of call center service collection services software

Customer service relationship (CRM) software linked with debt collection call center functions may be right for those in the debt collection service business.

I recommend: See the demo for CallThru, debt collection telephone system software for call centers from Comtronics Systems. Call center software developer Database Systems Corp. is also a provider of debt recovery software for phone systems and Customer Relationship Management software.

Find online skip tracing services and/or debt collection agency software to locate debtors

You may use this type of debt collection software program or service to locate asset recovery, such as car repossessions.

I recommend: Primary online information service LexisNexis offers Batch Collection Solutions, its skip tracing services and asset locator services for repossession. Accurint for Collections software, also available from LexisNexis, is a powerful research tool used for locating debtors. American Recovery Association (ARA) offers its Skip Tracing Toolbox, a valuable online information resource for debt collection.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  When contacting debtors using collection agency software for call centers, understand professional parameters where frequent contact can become harassment.
• •  For consumers, understand what the standards of fair debt collection are from the Federal Trade Commission and other resources.