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Originally Posted by meloncash
What about hiring a collection agency? Any thoughts on that?
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According to a survey by the Commercial Collection Agency Section of the Commercial Law League of America, the probability of collecting an overdue account drops to 73 percent after just three months, to 57 percent after six months and to only 29 percent after one year.
Although collection agencies charge between 15 to 50 percent of what they recover, you still end up with more than you probably could have collected on your own.
