No, for a variety of reasons not all accounts are collectable. No collection agency can guarantee your accounts will be collected in full.
When should I begin using a collection agency?
You should make it part of your monthly routine to review your receivables in order to identify bad debts early. The longer a debt lingers, the less likely you will be able to recover your money. You should assign an account to a collection agency when any one of the following occurs:
- There is no response to your billing notice;
- Payment terms fail;
- Repetitious, unfounded complaints occur;
- Denial of responsibility—insisting someone else should pay;
- Delinquency is concurrent with marital problems, frequent changes of address or employment;
- Repeated failures to contact you after promising to do so; or
- Bad address and/or disconnected telephone numbers.
How much does it cost to collect on my account?
Our fee is based upon the schedule listed in our Terms and Conditions when you assign us your account(s) for collections. See our fees here. For all contingency accounts, which are the norm, we only get paid if we recover money for you. If you approve legal action then court filing fees are additional. The attorney assigned for litigation works on a contingency basis and legal action is only commenced upon your authorization to do so.
How do I get started?
You may use our contact form and an account manager will contact you. Or you can always call (516-442-4045) or email (firstname.lastname@example.org) us directly. In the alternative, you can submit your claim(s) online today by clicking here after completing the Collection Services Application. Once you are signed with CRM, there is no need to do anything in the future but submit to us your overdue accounts as they accrue. Upon receipt, collections are commenced immediately by your account manager.
What information do I need to provide?
The information we need to commence debt collections on a claim can be provided using our online submission form or our Submit a Claim form. You can send us the supporting documents by fax, email or secure file upload. We can even help instruct your staff on the process and review your procedures to make collecting your accounts easier.
Please note: CRM does not accept assignment for accounts that are out of statute or have been charged off by the original or subsequent creditors.
When will I hear from CRM after listing my accounts?
You will receive an account listing acknowledgment soon after you assign your account(s) to us for collection. Each collection account is assigned a file number and the dollar amount is confirmed on the acknowledgment. Upon receipt of your collection account(s), we immediately send a dunning letter and the notices required by federal law. If the debtor has disappeared, we will begin skip tracing. Depending on the situation, we may list the collection account on the consumer’s national credit profile. You may always request a status on your collection account(s) at any time and one will be provided. When payment is made on one of your collection accounts, we issue you a check for your portion of the payment (less our fees). We will continue to work your collection accounts for payment until the debt is paid or is deemed uncollectable.
What if the debtor refuses to pay?
Unfortunately, there are those people who will not respond to a request for payment. They may claim to be unemployed, fail to keep their payment arrangement, continually move to avoid their creditors and collection agencies, or just ignore the demand for payment. However, it is our job to collect your money. If payment is not forthcoming, our account managers are trained to investigate the debtor’s assets and, if the assets warrant, refer the collection account to one of our attorneys for suit.
What do I do if someone calls me about an account I have listed with CRM?
You should not discuss with the debtor any account you have assigned for collection with CRM. If the account is legal, you may create a problem that will present itself later in the court system. If the debtor is calling you asking for a favor, we always advise our clients to just remember the times that debtor didn’t call you back or ignored your invoices. Never promise them you can do anything to help them, simply refer them to our office and we will mediate a documented and enforceable settlement on your behalf to collect their debt.
CRM – Not Your Typical Collection Agency!
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