If you think that debt collection is always painstaking and complex, you are actually wrong. The fact is that with the help of experienced debt collection teams, this process can become very simple. Or at least, you can follow their valuable observations, guidelines, etc., as they will be very helpful in making the process simpler than what it would have been. One such guideline is regarding record keeping of the entire debt and this post will discuss some tips and about the importance of this step.
Australian Debt Recovery/Collection Guidelines
- Just in case you don’t know, The Australian Securities and Investments Commission (ASIC) and the Australian Competition and Consumer Commission (ACCC) have set out an operative framework for the debt recovery or collection industry.
- They first came into being in 2005 and were later reviewed in 2014 to address some common issues related this industry or debt recovery professionals rights and duties.
- There were also the mentions of good practices related to reasonable grounds, methods and hours to contact debtors and stress the importance of good record keeping.
Benefits of Good Record Keeping
- With the help of good record-keeping, there will be an easy-to-access database and the information will be properly organised and both of them will help you a lot.
- One of the top benefits of good record keeping is that you will be able to get the information that you need in a quick manner.
- At the same time, it will allow you to monitor any unpaid debt and prioritise your debt Collection recovery efforts.
- A thorough record-keeping will also be very assistive in determining whether a debt is statute-barred by making it easier for you to identify and calculate any relevant dates, for instance, when the debtor’s last payment was made.
- In whole, it can be said that with the help of timely and proper record keeping, you will be able to recover customers’ overdue payments and optimise your cash flow.
Debt Recovery 