Learn More About GB Collects LLC

Have a collections-related question? We have the answer! Check out our FAQs below to learn more about our company and services.

How does a collection agency work?

Collection agencies are hired by companies that need to collect past due receivables. They only get paid if they are able to collect for their clients and take a percentage of the received collection as payment.

When should I use a collection agency?

As soon as your customer is no longer a customer and becomes a liability. You should contact a collection agency when your customer stops communicating and you are unable to collect on your past due receivables.

Do you only service New Jersey?

No, we are a collection agency that serves nationwide.

What is the success rate of collection agencies?

As much as 48.2% of all debt placed by collection agencies is recovered. Total debt returned to creditors in 2013 by third-party collection agencies was $55.2 billion, with a net return of $44.9 billion. The Federal Reserve Bank of New York reports that as of 2015, nearly 14% of consumers in the U.S. had at least one account in third-party collection.

Is a collection agency a good place to work?

Yes, employees of debt collection agencies typically earn a salary plus commission in a fun environment.

What is the typical contingency rate of a debt collection agency?

Based on our experience as a collection agency, 25-33% is typically contingent upon collection.