The importance of recordkeeping in debt collection

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Debt collection can be a complicated affair because of various factors. But creating and implementing a procedure for record keeping can help make the collection process more efficient and increase the possibility of recovering as many funds as possible. Below are some of the possible outcomes of having an accurate record:


Easier settlement of disputes: A complete record serves as necessary evidence for businesses when it comes to collecting receivables and debts. It can also determine whether previous correspondences or attempts to recover funds have already been made. The earlier a resolution to commercial debts is made, the less likely it is that a costlier process would be needed.


Getting the facts straight: When talking to debtors, it is imperative to present only facts and avoid providing misleading information as it can trigger legal actions against the business. With a well-kept record, a business will have access to all the transactions that have been made, as well as the partial settlements that may have been agreed on.

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Statute of limitations: Debts are also subject to a statute of limitations, which differ from state to state. This means that there is a period that the processes involved in the recovery of debt can be legally enforced.


Brennan & Clark LLC is a business collections firm founded in 1980. The firm’s prime program is the Fast Track Payment guarantees payment within five working days, allowing clients to get on with their core businesses. To see more details about the program, check out this page.