Is Cedar Financial a Scam?
Collection agency. Just the word can make you cringe. Needing one is no fun, and neither is being on the receiving end of collection calls.
In the world of collection, many agencies get a bad reputation, whether they deserve it or not. Collection agencies are known as the “bad guy”, but why? Getting blasted every day for doing your job can’t be very motivating.
You clicked this link to find out about Cedar Financial. Is Cedar an agency that can be trusted? How reliable are they? What are the advantages and disadvantages of working with Cedar?
No one wants to be scammed, so let’s dive into an overview of Cedar Financial.
Is Cedar a Trustworthy Agency?
Cedar Financial is a global collection agency that has been around for over 30 years. That alone gives them credibility. They’ve been doing this collection thing for a long time.
They’re also a longtime member of ACA International. Although some agencies out there don’t follow guidelines set by the FDCPA, Cedar Financial is not one of them. Cedar has all the credentials and licensing that a well-trusted collection agency needs.
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How Reliable is Cedar Financial?
Who better to ask this question than their clients? They’ve worked with Cedar, so they have a full inside view of how they work.
Here are a few of Cedar’s client testimonials. You can also see these on their website.
- “They have had a very high success rate in getting us paid, even from companies who are not based in the US”
Yelp Review
by Dan S, on September 1, 2020
- “Their rates are in line, and their customer service is outstanding [..] most importantly, they are producing results that we previously did not see. Definitely recommended.”
Yelp Review
by Jeff B, on September 1, 2020
One thing Cedar was built on is transparency. Cedar’s clients can rely on the fact that they will be transparent throughout the entire process.
Something Cedar does that impresses me is that they give clients access to their internal portal. Clients are able to view progress on any accounts they place. They see everything from collection attempts to responses received from the debtors.
It just doesn’t get much more reliable than that.
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What Disadvantages Does Cedar Financial Have?
The only disadvantage Cedar has that I’ve seen is that they are in a widely disliked and mistrusted industry. They’re the people that have to call you if you owe a debt. That puts a bad taste in even the most understanding debtor’s mouth.
The thing is most people don’t dislike Cedar. They dislike the situation. They dislike being in debt, which is natural, and their frustration sometimes is addressed to the innocent party.
One of the complaints I’ve seen most often about Cedar is based on their relationship with European Municipality Outsourcing (EMO). These are the guys who shell out the traffic fines when you travel to Italy and other European countries.
Violations in Italy are captured automatically by traffic cameras there. Because they process each citation separately you may receive multiple citations, all at different times. This can be confusing and frustrating for the consumer, and understandably so.
The EMO has 360 days (about 12 months) from the receipt of each report to send the first citation notice to the provided address. So sometimes your first notice is sent a year or more from the date of the infraction.
Yet again, super frustrating and confusing.
Add to that, if they are left unpaid, penalties are applied.
Once all of this is explained to the debtor and documentation has been provided, the debtors seem to withdraw their complaint.
Cedar Financial is not out for blood. They want debtors to fully understand what they owe and why, and they communicate that in a kind, respectful manner.
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Cedar Financial Isn’t a Bad Company
Cedar Financial has a job to do. Their aim is never to hurt anyone or make anyone angry.
Their goal is to collect money owed to their clients while keeping their clients’ customers happy.
Debt collection is a much-needed industry. If collection agencies didn’t exist, anyone could get away with not paying their bills.
Including your clients/customers.
What you want in a collection agency is a knowledgeable, licensed company who has ample experience collecting the types of accounts you are owed.
You get that with Cedar Financial.
If you have accounts that are past-due, contact them via their website, or give them a call:
In the US: 800-804-3353 Internationally: +1-818-224-3357
