What does this mean to you? It means that you will now be able to report derogatory credit (unpaid bad debt accounts) on your behalf against the individual debtor.
In order for us to report your accounts to the credit bureau, the debt has to have been placed with this office for collection either previously or currently - that is the law. We strongly suggest that whenever possible, the following be provided to our office when transmitting a claim: social security numbers, correct spelling of names, middle initials, last known addresses and places of business. This will help to insure that we have the correct individual.
As you know, at some point most debtors will reapply for new credit. When they do, your debt shows as an unpaid charge-off. If the debtor applies for new credit, he/she will have to deal with paying or resolving the unpaid debt with either our office or yours before being approved for new credit.
Statistics show that this can result in an additional increase of up to 11% additional recovery of bad debt, just by having it listed on the debtor's credit bureau. This can be especially beneficial for clients who have elected not to sue on small balances.
We believe allowing us to perform this service, including the changing or updating of the debtor's credit history, can, once resolved, be a WIN-WIN situation for you. In conjunction with the recording of the debt we will be performing our standard collection service, including our ability to sue the debtor in both the small claims and civil courts.
Should the debtor contact you directly and pay his/her account, you must notify us immediately. We have thirty (30) days by law to change the status to reflect paid. Our collection fee will remain as previously agreed upon.
We have several options listed below, please select the options which best serve your needs and submit the form provided below.
