Why use a collection agency?
There are two main reasons to use a collection agency. First, an agency will save you the time, effort and money it will cost you to locate your customers and get them to pay their bills. Credit Management Control does not charge clients for our services until money is collected. If an account is determined to be uncollectable for any reason, our efforts on that account will cost you nothing, as opposed to the labor costs you will incur when your staff members pursue unpaid accounts. Second, a person in debt will likely be more cooperative with an agency when they understand another party is involved and that lack of payment may possibly affect their credit history or lead to legal action.
What is your recovery success rate?
The likelihood of recovering a debt depends upon a number of factors, including the age of the debt, the type and balance of debt, existing documentation, ease of locating the customer and the ability of the agency to reach those customers and overcome their objections to paying their bills. Through our multi-level skip tracing structure, focused calling campaigns and training program that teaches our collectors effective talk-off techniques, CMC’s rate of recovery consistently exceeds industry standards.
How quickly can collectors get the money?
Accounts are worked immediately upon listing with an initial letter being sent out on the first business day and phone calls beginning as soon as the customer’s demographic information and phone numbers are verified, usually within the first few days. Some debts can be collected immediately upon first contact while others may take longer. Once we receive payment, CMC transmits revenue to clients via direct deposit/electronic funds transfer (via Automated Clearing House) with all ACH remittances being deposited on the next business day following the remittance end date.
What kind of communications will I have with the collection agency?
A member of our management team will be available at any time to answer your questions, explain our processes or address any concerns you have. In addition, monthly reports, which detail the status of our clients’ accounts, are provided to each client and can be accessed at any time via our website.
What happens if the debtor refuses to pay?
If a customer has refused to pay a bill, and a client allows us to pursue legal action, we will assess whether the case warrants such actions against the debtor. If an account has been deemed “suit worthy” and the client explicitly approves escalating the account to legal status, CMC will forward the account to an attorney and will pay all up-front legal fees on behalf of our client.
Will using a collection agency jeopardize future relations with existing customers?
CMC is dedicated to providing both our clients and their customers with the best care possible. Our collectors are trained on the specific requirements of each client and are expected to understand the potential situations their customers may be in. We take very seriously the need for our collectors to treat our clients’ customers with respect and dignity and explain that our goal is to help them pay their bill so they can avoid the hassles of prolonged debt. Ultimately we aim to recover our clients’ money while retaining their customers and are committed to conducting ourselves with the highest level of integrity possible in order to achieve those objectives.