Technology is getting revolutionised rapidly, and growing. Therefore Market Recovery Agencies, have to be mush updated and, familiar with technologies. Debt Recovery agencies are also having challenges. But we believe, that these service providers also having the infrastructure to cope with challenges. Collection Agencies or Law Firms offering recovery services must be having the staff having the ability to cope with every challenge. Law Firms having a separate department can be called a Law Firm offering Collection Services. Debt Collection Services is a Complete Art and Working, not something which is childish. It required debt collectors, it requires market knowledge, it requires market experts, it requires legal knowledge and many other things.
Challenges that recovery agencies have to face also exist like other services. The first one is the poor contact information of debtors. The creditor has to provide all the contact details to Collection Agency or the Law Firms. It is the responsibility of the Creditor. A company may not arrange the details, but if they can’t then they cant expect 100 percent services from the Collection Agency or Law Firm. Second, contact details must be updated and functional. Therefore, the creditor has to check for the updated contact details before giving to service providers. Collection Agency also tries to chase as much as they could, but it is the duty of creditor, the party who acquired the service, to provide contact details to the collection agency of debtor or debtors, if they are more than one vendors.
Let’s come back to the discussion, though the technology is making more individual information available as per the past the difficulty in identifying and finding out the correct details. Many time companies go into difficulties because they are not having sufficient and complete information. This can happen for a number of reasons. The creditor might not have complete information or some times when debtor changes, the address and contact numbers then, collection agencies also not able to approach them. The debt collection dubai agencies work in a complete and good manner. We recommend that they should be provided with all the supporting documents and contact details to the recovery agency so they could properly trace them.