Different kinds of recovery companies include data recovery firms, asset recovery companies, debt collection agencies and financial planning and correction services. Each type of company offers a different specialization to aid a business in completing various tasks according to its specific industry and needs.
Data recovery refers to the process of retrieving deleted or damaged information from physical media such as a hard drive or flash memory stick. Data recovery companies help businesses restore information on system accidentally cleaned or that lost the data due to a malicious attack or physical damage. The amount of information available for recovery varies according to the individual system, the method of deletion and the type of data.
Asset recovery companies recovery physical goods from owners or renters who default on payments. For example, if a bank issues an auto loan to a customer who fails to make several payments, an asset recovery company may call a repossession company to track down the customer and retake possession of the car to repay the debt.
Similarly, debt collection agencies recover financial losses for clients, typically by sending letters and calling the indebted party. These companies may also purchase the debt from the issuing entity and collect the payment directly.
Many financial planning firms also offer recovery services that help a business with large amount of debt or poor profits make changes to its infrastructure, such as refinancing loans, downsizing employees or making investments into new industries.