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Review 1/28/2010
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Parker Elliott, Inc. was great at collecting debt. Once they collecting the debt they tried to work out a payment plan for the remit portion. I was told that they have overhead to pay, i.e. a cost to generate the Quantum Report, rent, employees/independent contractors pay, etc. I am very upset that I have to hire a collection agency to collect from my current collection agency. I understand now that collection agencies make an investment towards the collection of bad debt and sometimes they loose money, in the future I will be sure to use an agency with an established record of successful collections and most of all strong financials. Strong financials are necessary so that when the agency makes an investment to pursue my bad debt and they loose money, they can still forward my portion of the proceeds collected. Final note: Small collection agencies have the highest collection yield usually because they do not have as many clients to service, but they tend to go out of business due the uncertainty of collecting bad debt on a contingent basis. Large collection agencies typically have strong financials and probably will not go out of business, but do not have a high collection yield. Therefore try to find a collection agency that is not to big, but not to small and you should be just fine.
-----Lesson learned, hope this helps folks.
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