Choosing the Right Collection Agency for your Company

1.) How do I choose a collection agency?

2.) Why would I use Stephens and Michaels instead of an attorney?

3.) Is SMA capable of performing repossessions? Can they remarket the vehicle/equipment?

4.) Why can't I just go after the money myself?

1.) How do I choose a collection agency?

When assessing for a potential collection partner, some of the questions you should ask are:

1. A member of a reputable national collections organization?
   Stephens & Michaels Associates, Inc. is a member of ACA International, the International Association of Commercial Collectors (IACC), the National Vehicle Leasing Association (NLVA), the New England Adjustment Management Association (NEAMA). SMA is also a General Services Administration (GSA) contract holder and a member of the Debt Buyers Association (DBA).
2. Able to locate debtors? Do they offer skip-tracing services?
   We use the most modern, comprehensive skip-tracing tools available to quickly and effectively locate a debtor at no additional cost when the account is placed for collections.
3. Able to offer legal assistance when necessary?
   Our in-house counsel is licensed in both Massachusetts and New Hampshire. For all other states our legal department utilizes the working agreements we have in place with a network of attorneys nationwide, all of whom are members of the Commercial Law League of America (CLLA) or the National List of Attorneys.
4. Able to collect in your area/natiowide?
   We are fully licensed and bonded in all states that so require, and are thus able to perform collections nationwide. We have NO geographical restrictions.
5. Fully insured and bonded?
   We are fully insured and bonded - we can easily provide the appropriate documentation to that effect.
6. Able to provide references by reputable sources?
   We wholeheartedly encourage you to check our references as provided within this packet. We are sure you will find them more than acceptable.
7. Compliant?
   We are Fair Debt Collectors Practices Act (FDCPA) compliant; ISO 27002 compliant (data security), HIPAA,  and Gramm-Leach-Bliley Act (GLBA) compliant, to ensure full and complete legal compliance.
8. Experienced Staff?
   SMA is proud of the fact that our collectors have on average 3-5 years of experience, supervisors have 4-7 years experience and managers have 7 plus years experience. 

Unlike most law offices, our prime mission is to first resolve your account; thus, we are able to focus more diligently on your collection needs in a more timely and cost effective manner, with resources that the average law office does not employ, and without the distractions that their other legal business often present. By the way, we also have full, in-house legal capabilities for those times that it's necessary to employ those resources.

3.) Is SMA capable of performing repossessions? Can they remarket the vehicle/equipment?

Yes, SMA regularly performs repossessions nationwide, and has the ability, with our existing network, to fully remarket your equipment; we provide full service, taking all the responsibility and providing you with the proceeds, so that you can devote your time to more productive activities.

4.) Why can't I just go after the money myself?

The reason most lenders use collection agencies is due to the enormous amount of time, resources, training and effort that goes into pursuing even a single delinquent account. Normal procedure is to track down the debtor (skip-trace), make multiple phone calls and send and track letters (all while complying with often-complex state and federal laws), document and follow up on the progress, communicate effectively using proven, legal methodology, and if all that fails, file a lawsuit. It's quite time-consuming, requires highly-trained, experienced personnel, and takes you away from more productive, efficient, profitable business tasks.