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What is the value in utilizing a collection agency versus the association pursuing the debt?

  1. The first and greatest value in utilizing a collection agency to pursue outstanding debt is perception. When a debtor is made aware that a collection agency is involved, they look at the situation with more urgency. They know that the association is serious about collecting the debt.
  2. Debtors are aware that pursuing debt is the collection agencies’ primary function. They will understand that the debt is not going to go away or be easily manipulated. They know that their association’s board of directors has numerous responsibilities above and beyond the collection of delinquent balances.
  3. There are legal limitations as to what a non-collection agency can do to pursue debt; these are defined in the “Fair Debt Collection Practices Act.” Also, boards and management companies may be limited by their bylaws.
  4. A collection agency creates a concern for the debtor about credit scores. They realize that unpaid debts reported to credit agencies can negatively impact their credit score.

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