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does Cornerstone determine whether or not they can
help me with collections?
Every business is unique,
and finding the right solution to managing
outstanding debt should be tailored to that
situation. We like to meet with
a potential client and analyze what type
of debt they have, how and why it occurs,
and how it is currently being tracked and
managed. Then we look at realistic ways
Cornerstone can help, identifying at what
point in the billing cycle accounts would
come, how they would be sent, how often
and in what quantity they would be transmitted.
are the factors involved in determining
your contingency rate?
There are definite factors involved in determining
contingency rates. The principal ones we
look at are the average age and balance
of accounts, the type of debt being collected,
and the overall volume of accounts being
type of information does Cornerstone need from me
in order to list accounts?
First, the obvious priority is getting accounts to us as quickly as possible. The sooner you place your accounts for collection, the more quickly we’ll collect. Start with the most basic information that we need in order to start working for you—the last known address, the dates of service, the amounts charged and the date the debt(s) became due; which portion is principal and which is interest, if any; which portion is a late fee, if any; and a copy of the agreement that was provided to the customer that outlined the terms for charging interest and/or late fees.
you report to the credit bureau?
We report to the three major national credit
bureaus: Experian, Trans Union and Equifax.
you sue accounts?
Our main goal is to collect accounts voluntarily.
However, there are situations where a voluntary
payment arrangement cannot be made. In those
situations, we will consider legal action.
We pursue this option only after we identify
viable assets such as bank account, employment
wages, Permanent Fund Dividend or surety
bonds (for business debts). In addition,
we research each account to make sure that
the consumer doesn’t have prior outstanding
judgments, garnishments, liens or writs
that would make legal action ineffective.
some accounts too old to turn over for collections?
Absolutely. When an account is past due
for over 365 days, you should ask yourself
this question: By pursuing collections,
will you be putting more time and money
into a project where the odds of recovery
are next to zero?
The older an account is,
the more difficult it is to collect and
the higher the likelihood of complaints.
For this reason, Cornerstone recommends turning
over accounts that are a year or less in
do I stay informed with how you are handling
Staying in contact with your collection
partner is important because it’s
the basis for a relationship built on accountability
and trust. We have customer service representatives
that you can speak with directly via phone
or e-mail, specialized reports we can fax
or mail to you, and an online site that
you can use to remain updated with your
accounts and recoveries. Another important
component would be for you to maintain regular
contact with us. In this way, we can work
together to identify ways to improve your
recoveries and even prevent some areas of
bad debt from reoccurring in your accounts
often will I see recovery checks?
The frequency of recovery checks depends
on both the client and the collection agency.
Obviously, the better the agency working
for you, the better your recovery will be.
But what factors are solely within your
control? Quite a few, actually. The factors
directly related to recovery strength are
debt type, the volume of accounts referred,
the average age of the accounts, the type
of information gathered prior to referral
to us, and each client’s internal
policies and procedures. The way you do
business directly affects how well we collect
should we do if someone pays us instead
Payments can be taken at your discretion.
We recommend you not take any payment arrangements,
but only accept payment in full. Taking
direct payments varies by client. Some clients
prefer not to be involved in the collection
process once they refer an account to us,
and some opt to accept payments. By keeping
the lines of communication open, Cornerstone can
accommodate whichever method you prefer.