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FCR Collection Services Review

By
Skye Schooley
,
business.com writer
|
Apr 24, 2019
Home
> Finance
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FEDChex's FCR Collection Services provides both consumer and commercial collection services throughout the United States and Canada. It claims a recovery rate higher than those of other national collection agencies. It charges based on the amount of debt it collects on your account, but exact percentage rates and account quotes can only be determined by contacting an agent directly. 

FCR Collection Services

FCR Collection Services

The Best Collection Agency Services of 2019

The Verdict

FCR Collection Services offers standard collection services, in addition to check verification, remote deposit capture and electronic payments. Its litigation alert feature is a unique benefit.

FEDChex Recovery Collection Services provides many collection services, including check verification, Automated Clearing House (ACH), remote deposit capture, electronic payments and risk management. It also integrates third-party services to offer additional features, such as check clearing, credit verification, skip tracing, litigant alerting and full-service litigation.

The agency enables debtors to pay with various methods, including by phone, mail and online. It provides custom reports and analytics, as well as credit reporting upon request. It offers these services for first- and second-party collections. Although it is not an accredited member of the Better Business Bureau, it does have an A+ rating on the BBB site.

View all our recommendations for collection agencies on our best picks page.

Best Features

FCR Collection Services creates a tailored collection strategy for each delinquent account, working directly with you to determine the best course of action for collecting on your overdue accounts. The agency consults you on debtor outreach frequency, priority claims, litigation requests, letter content and automated processes. By working with you to tailor an approach, FCR is better able to understand your business needs and match its collection practices to your brand.

FCR monitors and manages litigation differently from many of its competitors. It provides a litigation alert feature, which tracks consumer accounts that have sued other creditors or collection companies in the past or filed a Consumer Financial Protection Bureau, BBB or state attorney general complaint. It flags these accounts and sends them directly to management to be handled with special attention. Ignored letters and notifications will be forwarded to FCR's attorney network after 120 days for further efforts and litigation.

Another great feature that FCR offers is automated payments and verification. Its electronic payment system enables your debtors to pay outstanding debt online. FCR uses check verification tools to inform you of the risk of accepting a payment from each of your customers and reduce the bad checks you receive. Its remote deposit capture system allows you to deposit checks electronically, and the ACH provides a reliable way to move money electronically. 

Limitations

The main downfall of FCR Collection Services is its lack of rates and price quotes online. Some of the best agencies list specific rates and fee percentages online. To receive a quote from FCR Collection Services, call to speak directly with an agent.  

Industry Focuses

FCR Collection Services collects debt for a variety of B2B and B2C industries. In addition to servicing standard consumer and commercial industries, it offers a series of primary collection services for specific industries: education collections, business service collections, low-dollar claims, NSF checks, energy and utility collections, and medical collections. It also lists debt recovery services for healthcare, banks, debt buyers, e-commerce, the service industry, membership collections, higher education, retail, check collections and employee theft.

The agency provides services to additional industries not listed. Contact an FCR representative to inquire about collections on unlisted industries. You can contact a representative by phone, email or a form on its website. 

Editor's note: Looking for a collections agency to help your business recover customer debt? Click the Compare Quotes button below to have our vendor partners contact you about your needs.

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FCR Collection Services

FCR Collection Services

The Best Collection Agency Services of 2019

The Verdict

FCR Collection Services offers standard collection services, in addition to check verification, remote deposit capture and electronic payments. Its litigation alert feature is a unique benefit.

Skye Schooley
Skye Schooley
Skye Schooley is an Arizona native, based in New York City. After receiving a business communication degree from Arizona State University, she spent nearly three years living in four states and backpacking through 16 countries. During her travels, Skye began her blog, which you can find at www.skyeschooley.com. She finally settled down in the northeast, writing for Business.com and Business News Daily. She primarily contributes articles about business technology and the workplace, and reviews remote PC access software and collection agencies.