The Penn Credit collection agency offers third-party collection services, letter campaigns, a small budget recovery program, a legal collection program and extended business office functions. Penn Credit services individuals as well as corporations, according to the firm's website. Its collection agency services, or third-party services, are designed to receive funds from individuals, while the remaining services target businesses.
Third-party collections are essentially funds extracted from people or businesses by collection agencies. To do so, Penn Credit authorizes agencies to collect overdue payments from citizens. In exchange for these services, debt collectors may receive a small compensation fee for collecting revenue. Third-party agencies are organizations with no ownership tie to Penn Credit. Their job as Penn Credit contractors is to successfully retrieve funds from delinquent accounts.
In addition to these services, Penn Credit has a small balance recovery program. This program is established to help small businesses meet their financial goals. For this, Penn Credit offers companies a low-cost way to recover small balance receivables, states PennCredit.com.
Through letter campaigns, Penn Credit advertises collection services for businesses looking for low-cost marketing options. The company rounds out its services with the legal collection program. Through this program, the agency works with attorneys to settle financial disputes for its private and corporate clients. Its attorneys generally belong to either the National Association of Retail Credit Attorneys or Commercial Law League of America.