Question: How can I recover the costs of collecting my accounts?
Answer: We recommend you put a disclosure on your paperwork, that the customers signs, agreeing to pay costs if needed to collect on their account. Our guidelines read the same as the Fair Debt Collection Practices Act, Public Law 95-109, as amended by Public law 99-361, in July of 1986. It states "Client is advised that it is improper to add any interest, fee, charge or expense incidental to the original debt unless such amount is expressly authorized by the agreement creating the debt.
Question: How much and what type of information should I obtain before doing business with a customer?
Answer: As much as possible, if that person skips out, you want to have enough information to find them or for us to find them. One of the tools we recommend is a standard credit application; this usually provides the information that is really important eg. Name, Address, Social Security number and other things like references, relatives and other helpful information. We can provide you with one of these upon request.
Question: Can I collect on really old accounts?
Answer: We advise people that we will collect on accounts as old as seven years in most area's. This is determined by the statute of limitations in your state. With a judgement on an account it will usually extend the time beyond the regular statute.
Question: How quickly are my accounts worked on once I send them to you?
Answer: Each account has collection action taken with-in 48 hours.
Question: How long do I have to submit my accounts to you?
Answer: Once you hire us you may send in all your accounts that same day or you may submit the accounts over time, the contract is open-ended.
Question: How long will you work on my accounts?
Answer: We will continue to work your accounts until one of the following occurs: you cancel the account, we have effected collections in-house, or we have placed the account with an attorney in the debtor's area.