Collectronics is resolute in their attempts to collect money while remaining professional. This is important to our company because we are a large television station that values the public image of our company.
Nikki
Nationwide radio syndication controller
Frequently Asked Questions
- How long has your company provided third party debt collection services?
- What associations related to the scope of this work does your organization belong to?
- What percentage of your annual volume is commercial versus consumer?
- What method(s) of referring accounts for collection does your company offer?
- Does your company have the ability to receive and transmit information electronically for referring accounts for collection?
- What documentation is required for placing an order?
- How does the collection process work?
Answer...
Since 1920.
American Collectors Association ("ACA")
California Association of Collectors ("CAC")
Commercial Law League of America.
Commercial Accounts – 90%
Retail – 5%
Medical – 3%
Consumer or other – 2%
Accounts can be assigned manually, via modem, e-mail, fax, electronically or U.S. Mail.
Yes. Accounts can be transferred by fax, electronically, tape-to-tape, e-mail or modem.
Initially all that is necessary is a statement of account, invoices, credit application and any other related material. If litigation becomes necessary, we may on occasionally need original documents.
Upon receipt of a claim, the information is keyed or stored in GWCB'S computer system. An acknowledgment letter is issued to the client on each individual account placement. A dun letter is immediately mailed to the responsible party.
Thereafter, the account is referred to the account manager. The account manager will immediately determine the identity of the responsible party, i.e., corporation, general partnership, partnership, sole proprietorship, limited liability company, non-profit or other and attempt to review the financial condition of the debtor through the use of various reports which are of public record. (Please note a second dun letter will be sent notifying the debtor that GWCB will report the delinquency to the credit agencies thirty days after the account is assigned.) The account manager will then immediately attempt to establish telephone contact, demanding payment from the responsible party.
Our initial demand requests payment in full within a ten-day grace period. This is to emphasize a heavy-handed request for voluntary full payment. If payment in full is not forthcoming, a second attempt to establish telephone contact is made upon the 11th day. At that time, another attempt is made to induce those responsible to repay the debt over a reasonable period of time although this may vary upon the debt's size and the responsible party's ability to repay the debt.
Based upon previously obtained financial information, a payment arrangement may be established -- not to exceed 90 to 120 days. If satisfactory payment arrangements are not consummated upon the second telephone call, a third attempt will be made. Upon the third attempt, those responsible will receive a call from a collection supervisor in an attempt to persuade the debtor to voluntarily pay the debt or face the possibility that litigation may be filed, commonly known in the industry as a turn over.
If satisfactory payment arrangements are not made on the third attempt, then the account will be evaluated for legal action.