What Information Does a Collection Agency Need?

In order to ensure that your company collects the money that it is owed, it is important to provide a collection agency with all required and pertinent information. Every collection agency requires the basics: the debtor's name, address, and balance owed.

In addition, a Social Security number will aid the collection agency in tracking down difficult-to-locate debtors — ones who are trying especially hard to dodge their bills. Signed invoices or contracts and other paperwork to substantiate the debt are also useful — collectors can speak more intelligently and with more force if they have the paperwork to back up the claim.

Most collection cases are pretty cut-and-dried. From a collection agency's standpoint, a customer owes your company and is not paying. If the debtor has particular circumstances that cloud the amount owed, make sure that the collection agency is aware of these circumstances.

To ensure that the collection agency that you hire has the best possible chance of collecting your debt, ask the people with whom you're working for a list of items that would help them. Communication is key.