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Standard RFP Requirements for Hiring a Collection Agency

The first step in shortlisting a collection agency is to ask them to submit a Request-For-Proposal (RFP) so that you can pick the best collection agency at the best price.

Here are the most important points to include in your RFP questionnaire.

  1. Is your collection agency nationally licensed or not? (If not, which all states are you licensed in?)
  2. What services do you offer – Check all those which apply (Collection Letters, Collection Calls, and Legal)?
  3. What are the fees for each service and method of payment?
  4. Do you have a secure portal for submitting accounts? Do you have any security certifications (Like SSAE / SOC / HIPAA etc?)
  5. Can the accounts be uploaded in batch using an excel spreadsheet?
  6. Can you provide references (or names) of existing clients similar to our company? What is your average collection rate for our industry?
  7. Are your debt collectors regularly trained for debt collection laws like FDCPA/TCPA/HIPAA/State Legislation?
  8. What if the remittance frequency for the amount collected by the collection agency?
  9. Do you provide monthly collection status reports for all accounts?
  10. Which subcontractors/vendors are involved in performing your services? Do they also handle the debtor data securely?
  11. Are any of your company operations located overseas, or are you a 100% USA-based company?
  12. In case of a debtor dispute or litigation, what is your procedure? Do you have liability insurance against such disputes?
  13. In case of service issues, who will be our point of contact from the senior management?
  14. In case of disagreement, are we allowed to withdraw all our accounts from you? Are there any exceptions?
  15. Do you offer both B2B and B2C collections?

 

Filed Under: Debt Recovery

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    Note: Nexa is an information portal that helps businesses and medical practices to find a good collection agency at no cost to them. We are not a collection agency. We do not perform any collection activity, nor take payments, nor do any credit reporting. Leads shared with shortlisted agencies with Low Contingency Fee and High Recovery rates.

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    Copyright: Nexa Collections | 2021
    All information on this website is for general information only and is not an experts advice. We do not own any responsibility for correctness or authenticity of the information, or any loss or injury resulting from it. Nexa is not a collection agency. Relevant inquiries are contacted by our shortlisted collection agency partner(s)
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