An unfortunate part of running a business is debts. No matter how safely you try to operate, there will always be customers and clients that incur debts with your organization. Having an excessive amount of unpaid debts can have a negative effect on a company's finances. For this reason, many organizations choose to sell their debts to a debt recovery company. While this is a good choice, it's important that you know how to safeguard your company's and client's information during this process.  

Disclose Discreetly

Along with the debts of past customers and clients, you also have a wealth of their private information. Social security numbers, personal information pertaining to the debts, creditor information and account numbers are just a handful of the information types you also have access to. Make certain you are keeping this information discrete when you are disclosing details about the debts you are looking to sell.

For example, you can disclose the category of debts you have, such as medical, without disclosing information about the particular medical facility represented. This doesn't just protect the customers and clients that hold the debts -- it also protects your organization. It's also helpful to keep this same train of thought when you're actually completing the sale of your debts to a debt portfolio recovery company.  Require the buyer to enter into a contractual agreement that they will safeguard any information they purchase from you.

Store Securely

Another important part of protecting information is storing your files correctly. In this information age, the threat of data breaches has never been higher. People can use this information to gain private information about your company as well as a way to steal the identities of customers and clients that owe you debts. Make certain you are keeping your debt information secure.

In terms of your employees, access should be limited to a need-to-know basis. Only those employees involved in maintaining debt information or who are playing an active role in the facilitation of the sale of these debts need access to this information. This train of thought should be exercised for both hard copy and electronic files. Make sure all your electronic debt files are password protected and encrypted. In the event a laptop or hard drive containing this information is stolen, the debt information will still be protected.

Selling your debts to a debt recovery company like VION Investments is a great way to earn money on unrecovered debts. However, it's important that you are going about this sale correctly. Make certain you are keeping your information safeguarded.