Quality & Compliance
Dealing with outstanding debt can be frustrating, slow, and mentally taxing. This can drain your resources.
When considering a collection agency, it’s important to recognize the significant differences between them. Not every agency is right for your business.
Here are a few things you should consider when selecting a partner in managing your accounts receivables:
Licensing
As a commercial collection agency, BARR Credit Services must comply with all state and municipal licensing requirements. These differ in each state. So in order to stay current, we at BARR Credit keep abreast of all cutting-edge developments within the commercial collections industry.
CLLA Certification
Who are you going to trust?
It’s a big question with big consequences. Start by looking for a CLLA (Commercial Law League of America) Certification which is endorsed by the IACC.
You can filter out 95% of collection agencies by applying this single criteria. This leaves you with nothing but the best from which to choose.
Certified Collectors
All of BARR Credit Services collectors have completed the IACC Certified Commercial Collector Program. This six-month training program covers a wide variety of business and legal concepts for the commercial collections industry.
Some of the topics covered in this course include:
-
- Methods of contacting debtors
- Skiptracing
- Overcoming objections to payment
- Asset location training
- Commercial law definitions
- Motivating the debtor to pay
- Various credit instruments
IACC certification ensures our collectors possess a cutting-edge skill set and always employ quality assurance standards. The IACC also updates its member agencies on any changes in the commercial collection industry, such as pertinent legislation or industry trends.
Recertification is required every three years to maintain the designation. And certified are also required to attend a series of continuing education online seminars.
Our collectors have an average of 15-30 years of valuable experience in the field. They’re proven to be professional, courteous and effective in their transactions.
Compliance, Insurance & Bonding
BARR Credit Services makes quality control and compliance a top priority. It’s our obligation to our clients to comply with all state and federal regulations in an effective and professional manner.
BARR Credit Services carries Errors & Omissions insurance and meets all of the bonding requirements for commercial collection agency licensing, as mandated by each state or municipality. We’re proud to say we’ve never had a claim filed against any bond in any state or municipality. Neither have we ever had a bond revoked or an application denied.
At BARR, we maintain a certificate of compliance through the Commercial Law League of America. CLLA membership requires:
- Strict compliance with the CLLA Code of Ethics
- Random onsite audits
- Maintenance of a surety bond in the minimum amount of $300,000 for the protection of the creditors
- A separate trust account into which all monies belonging to creditors are placed and monitored.
