MYTH – The vast majority of commercial collection agencies do not require their clients to sign a contract prior to accepting a placement.  That said, depending on the circumstances (volume discounts, etc.), a contract might be warranted and appropriate for both parties.  Just like any contract it is critical that you read the fine print.    If there are penalties involved for cancelling accounts or if the agency wants it in writing that they can keep working your placement in perpetuity you should seriously question if that agency has your best interest in mind.