A Proven Process
Credit Associates, Inc. (CAI) has its own “standard operating procedures” to help collection and clerical staff process your accounts efficiently. Accounts without current addresses or telephone information are given to specialists, who conduct extensive research to locate information.
All accounts are reported to Equifax and Trans Union to become part of a nationwide credit reporting database, unless otherwise instructed by the client. The knowledge to a consumer that future credit needs may be hampered is a useful tool in recovering more money for you.
All collector contact, either written or by phone, is accomplished in strict compliance with the Fair Debt Collection Practices Act (FDCPA). Our collectors are thoroughly trained through the American Collectors Association to legally and ethically negotiate payment in full. Continuing education is provided as needed to keep CAI management and staff informed of changes in state and federal laws.
Our entire collection effort focuses on assisting the consumer in finding a means to pay their obligation and collecting payment in full for you.
The Process
- Initial Work Effort – CAI processes and begins work on accounts within 24 hours of receipt.
- Skip Tracing, Locate and Credit Reporting – Depending upon work standards, skip tracing services are performed by utilizing numerous nationwide consumer databases including, but not limited to, credit bureaus and collection specific skip locate programs.
- Collection Letters – Credit Associates, Inc. utilizes numerous letters and series of letters in its efforts to resolve accounts in an effective and expedient manner. Letters are designed to inform the responsible party of the account, their rights under the FDCPA (including state guidelines), and the motivation for prompt payment. We also take into consideration the importance of maintaining good community relations between your office and the consumer when designing a letter series. Letters meet all federal and state level regulatory requirements.
- Account Tracking and Control – CAI boasts fully automated systems providing excellent tracking, control and activity on all accounts. It schedules specific times that an account is to be analyzed for review and follow up by the account representative. The system dates and time stamps each entry and all activity made on an account. It also enables us to facilitate immediate response to consumer inquiries, or to suspend or cancel files as soon as we have notification from our client.
- Legal action: The attorney will send out a demand letter and will contact the debtor for payment. Several debtors will take this chance to make arrangements or to offer settlements to avoid legal action. The attorney will advise our office of the results of their contact and will either request suit fees to proceed or recommend that the file be close if it is not collectible. We may then decide to place the account in a new discovery process or cancel the account back to you.
- Payment Options – In addition to accepting all major credit cards, we also provide convenient methods of payment. This can be done online, by phone, or by mail.
- Credit Reporting – We also provide the option to our clients to report collection accounts to Trans Union, and Experian. Our standard workflow procedure is to report accounts on the consumers’ credit files if the balance remains unresolved after 30 days. Again, this is done at the option of our client.
- Training – Our team of highly experienced professionals proudly serves the needs of our clients, large or small. All account representatives undergo a formalized collection training program that includes the Fair Debt Collection Practices Act (FDCPA), the Fair Credit Reporting Act (FCRA), and the Health Insurance Portability and Accountability Act (HIPAA). We recognize that account representatives who are provided with a solid foundation and understanding of the entire collection process are far better equipped to work with consumers effectively and professionally. The result is increased efficiencies and maximized revenue recovery while working accounts.
The Total Advantage
- No collection, no cost
- Consistent recovery
- Maintain consumer care relationships
- Automated account management system
- Skip tracing enhancements
- Litigation counseling and coordination
- Timely, comprehensive, and customized reports
No debt collection, no fee: We only take a fee if we collect. If our debt recovery service fails, no fee. What better incentive is there for a debt collection agency to work your files. Collecting money is what CAI has been doing since 2000 and we know that we need to collect accounts to profit.