This short informational article draws your attention to the value of benefiting from expert knowledge. In this case, it draws your attention to the outsourced services being provided to you by specialist handlers in bad check recovery. Having these services on board is a great deal better than taking matters into your own hands. Even if you have a good knowledge of federal laws related to bad checks and credit defaults, you are not likely to have all the skills and know-how required to ensure successful retrievals of funds lost due to receiving bad checks.
These outsourced handlers are also acting in close concert with federal agencies in the tracing of delinquent and criminal parties transacting business illegally with credit cards or checks that are likely to bounce. Whether you are a small business handler or a growing concern, it is also good to know your rights as a vendor, never mind as a consumer. Often, consumer’s rights were previously given precedence.
In many instances, much of the risk, taken away from you by your outsourced tracing agent, is not passed on to him. While he is tracing the credit defaulters and bad check payers, he defers the risk to the banks that issued the credit and checking facilities to the defaulters. Like any service being offered, a fee is payable. But these far outweigh the overall success rate of ensuring that clients are fairly and correctly compensated in full.
Your agent should have a fair knowledge of the Fair Credit Reporting Act (FCRA), for instance. This act was put in motion nearly fifty years ago in order to promote fairness, accuracy and the right to privacy to circumvent the actions of credit reporting agencies.