Credit Data and Reporting Services
What does this mean to you? It means that we have the ability to report derogatory credit (unpaid bad debt accounts) on your behalf against the individual debtor through the various credit reporting agencies.
In order for us to report your accounts to the credit bureaus, by law the debt has to have been placed with this office for collection. 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, phone numbers and places of business. This will help to insure that we have the correct individual.
As you know, at some point most debtors will apply for new credit. When they do your debt shows as an unpaid charge-off. If the debtor applies for credit, your bad debt will have to be addressed/resolved in order for most creditors/lenders to even consider extending new credit. Statistics show that this can result in an increase of up to 11% additional recoveries of bad debt(s) just by having it listed on the debtor’s credit bureau. This can be especially beneficial where suit regarding smaller debts is cost prohibitive.
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 if necessary.
Once a debt has been reported to the credit bureau, if the debtor contacts you (the creditor) directly and pays 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.