Summit A*R Collects on Consumer Debt
Categorised in: Our Blog
At Summit A*R, we help businesses of all shapes and sizes recover lost revenue. We help the cash flow by tailoring effective debt recovery solutions that are unique to your industry and the type of debt you want to collect.
One of our biggest areas of focus has always been consumer debt, and it continues to receive a lot of our attention today. A new report shows consumer debt in the U.S. has soared to a record-breaking $14.3 trillion in the first three months of 2020. That’s $1.6 trillion more than the previous record set during the 2008 financial crisis.
The Fair Debt Collection Practices Act (FDCPA) defines consumer debt as any debt that is incurred “primarily for personal, family, or household purposes.” This positions consumer debt as separate from commercial debt taken on by businesses to help cover operating costs.
Credit cards and mortgages are some of the most common examples, but they only scratch the surface. Consumer debt includes a wide variety of debts, which may consist of the following:
- Auto loans
- Cell phone bills
- Medical bills
- Personal loans
- Revolving credit
- Student loans
With such a broad definition, consumer debt can affect a huge array of companies and industries. As consumer debt rises during the coronavirus pandemic, the effects will likely trickle down to more businesses, and the number of delinquent accounts will rise.
While our thoughts and prayers go out to those affected by the pandemic, we understand that lost revenue makes a dent in your company’s bottom line. No matter how large your business may be, you can’t afford to write off these debts indefinitely.
That’s why Summit A*R consumer collection services will continue to work tirelessly to recover the money you’re owed. There are several reasons why we’re confident we can handle your consumer debt collection.
1. We’re Experienced
Founded in 1996, Summit A*R has been at the front lines of debt collections for 24 years. That’s nearly a quarter of a century of recovering debt during fluctuating markets.
Over the years, our long-term staff of trained and licensed collection professionals have seen it all. We know how to recover even the most challenging debt.
2. We’re the Only Consumer Collection Agency with a P.H.D.
Our P.H.D. in collections stands for Preserve Human Dignity. These three simple words have a big impact on the way we do business. It means we treat each account with the sensitivity and respect it deserves. You can trust us to maintain the professionalism, compassion, and integrity your customers have come to expect from your business.
We never dole out threats or use underhanded collection practices. These strategies aren’t effective ways to recover debt. More still, these aggressive tactics can have a damaging effect on your future relationship with your clients. Your clients will remember being hounded over debt, and it won’t give them the warm and fuzzies.
Likewise, they will remember when they were treated fairly. The respect you show them goes a long way to building lasting relationships. Today’s delinquent account may evolve into one of your most loyal customers simply because you treated them with compassion when they were down on their luck.
Your approach to collections deserves a “P.H.D. Philosophy” now more than ever. Nearly 9 in 10 Americans are feeling financial pressure due to the coronavirus pandemic. As the pandemic leaves many people on shaky financial ground, a diplomatic approach will make you stand out for good reasons.
3. We Keep Things Ethical
A small portion of collection agencies give the entire industry a bad name. Here at Summit A*R, it’s our life’s work to prove that debt collection doesn’t deserve this reputation.
Our team of experienced professionals take the laws very seriously. Not only do we work within full compliance of the Fair Debt Collection Practices Act (FDCPA), but we also adhere to all other state and local rules regulating consumer debts. We continuously monitor these regulations as lawmakers compensate for the pandemic.
Our commitment to these principles is why we can maintain our no-complaint policy, as proven by our A+ rating from the Better Business Bureau (BBB).
As the highest possible score issued by the BBB, an A+ is a serious accomplishment. It’s only achieved when companies reduce the number of complaints they receive and respond quickly to any complaints that are lodged.
4. We Are Prepared in Every Situation
Here at Summit A*R, we approach each case with the understanding that most people want to pay their debts. It’s our job to help them do that by offering manageable solutions.
For the majority of collections, our campaign of demand letters and phone calls is effective. They remind your customer of their overdue payments and convince them to clear their debts.
But occasionally, stronger methods are required. We rely on these tools to help in the process of recovering stubborn debt.
- Credit Reporting: Unlike your in-house collections team, Summit A*R can report to the major credit bureaus. We find that most people want to pay their debts once their credit score is on the line.
- Skip Tracing: Don’t worry if you’ve lost track of your customer after they move or change their name. Our tireless skip tracing team is led by a licensed private investigator, and they have a variety of digital tools to find even the most elusive debtors.
- Litigation: In the unlikely event our previous attempts prove ineffective, we have a full-service litigation team to take legal action. Our licensed private investigators will conduct a thorough cost-benefit analysis to see if it’s worth taking your debtor to court. If the evidence shows legal action is feasible, then we’ll bring the case to your attention, but don’t worry — we’ll only pursue legal action if you give us the go-ahead.
5. We’re Flexible
While consumer debt may be our focus today, we’re able to multi-task. We specialize in a variety of debt types to help companies from a broad range of industries get what they’re owed.
We understand many industries require unique solutions. For example, if you need help from our landlord tenant collection services, you will need to see results fast to keep your business out of the red. Our debt recovery team will apply personalized attention to ensure you can beat the clock.
Likewise, those who require employee reimbursement solutions need help navigating this tricky situation. Our experienced debt recovery team has seen it all and can successfully recoup lost costs due to overpaid salary, tuition, and unauthorized travel expenses.
When you haven’t spent the last 24 years recovering debt, collections can be one of the hardest tasks you face as a business owner. But here at Summit A•R, ethical debt collection is our passion. Our seasoned team is eager to move onto the next challenge, so don’t write off consumer debt just yet. Give us a call instead. With our P.H.D. in collections, we can make sure you get the money you’re owed without becoming the bad guy.