Collection Agencies

The primary function of a collection agency is to pursue and try to collect on the outstanding debt of businesses and individuals. Many times, a collection agency will act as a third-party agent of the creditor and is paid based on a fee or based off the total amount owed or collected. Prior to a company contracting with a third-party agent to perform collection duties, the company will want assurances the collections agency is in compliance with laws and regulations, such as the Fair Debt Collection Practices Act (FDCPA).

In terms of internal controls, the contracting company will want to see the processes around receiving placements, processing collections, receipt of payments, reconciliation of receipts, and reporting of debts collected. The contracting company will want assurances, through review of the SSAE 16, that customer information is handled securely and debt payment is provided completely, timely, and accurately.

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SSAE 16 Professionals has assembled top tier leadership to help our clients through the SSAE 16 (SOC 1) and SOC 2 audits.  For further information regarding SSAE 16 reports or to request a fee proposal from SSAE 16 Professionals, please visit our Contact Us page  to submit an informational form or call 866.480.9485 today.  We look forward to hearing from you!