Why use a collection agency?
Many consumers will pay a collection agency even though they never cooperated with the original creditor. The consumers sometimes realize you are serious or don’t want a damaged credit rating, or go to court; therefore, it is sometimes possible for the agency to collect when the client was not able to.
When should I place an account for collection?
The age of a delinquent account is one of the biggest factors in determining whether or not a debt gets paid. The older the debt, the harder it is to collect. A rule of thumb to remember is that after 3 months the probability is that you will only collect $0.73 of each dollar delinquent…after six months, only about $0.54 of every dollar…and after one year, the best expectation is that only about $0.26 of every delinquent dollar will be collected. The best time to enlist the services of a collection agency is 60-90 days of the invoice due date. Incorporating this strategy will help ensure maximum recoveries with the least cost to your company.
Does your company charge an annual fee?
No, we do not charge an annual or monthly fee.
How do I pay for your collection service?
Our fee is contingent upon collection. If we don’t recover your money, we don’t get paid.
Must I sign a contract to use your service?
We work with a simple service agreement, rather than a formal contract.
What debts can be placed for collection?
We do not have a minimum dollar amount on claims placed with us. We do ask you only place debts that have been occurred in the last 5 years. On small balances (example: $10.00) we will not spend a lot of time on phone calls and letters if we do not receive payment fairly quickly.
What information do you need provided to collect on a claim?
Basic statement information: Invoice dates, balance owed, current address, contact number, place of employment, spouse information. Copies of any available contracts and pertinent correspondence are also helpful, though not necessary at the time of placement.
What happens if the consumer I placed for collection contacts me and wants to work out a settlement arrangement?
Consumers sometimes do this to delay payment or to avoid contact by the agency. Once the account is placed for collection it is best to distance yourself. Please refer them immediately to our office.
Is there a collection fee if the consumer sends their payment after I've placed them for collection?
Consumers placed for collection are immediately sent a validation notice indicating their account has been placed for collection. Sometimes they resent having been placed for collection and send their payment to the creditor, hoping the agency will not be compensated. In such cases, please let us know if payment was received so that collection activity will cease. Contingent collection fees do apply.
If you are unable to collect the account I placed, then what?
Once all in-house collection measures have been exhausted, if a bankruptcy is not pending & it has been determined there's an ability to pay the debt, a lawsuit may be prudent. Such activity involves the services of our retained attorney & our legal department. Additional contingent costs will apply. No action is pursued without your authorization. If you choose not to move ahead, the file is closed and confirmation is sent to you.
If I am not pleased with your service what recourse do I have?
Client satisfaction is our highest priority. We pride ourselves on maintaining a close working relationship with our clients. If you have any concerns about the service received you may contact our client relations department and every attempt will be made to resolve any concerns.
Who is Credit Systems of the Fox Valley, Inc. (CSFV)?
See our about page for more information about CSFV. Visit our About page.
Why is CSFV contacting me?
If you are being contacted by CSFV there is a chance that you have a past due account with a company that you are currently doing business with or have done business with in the past.
Why is CSFV asking me to give out my personal information?
CSFV is required by law to first verify they are speaking to the correct party BEFORE discussing details of the call. We simply need to verify that we are talking to the right person before we can discuss the matter in further detail. It is the law and it makes sense on many levels.
Does CSFV monitor agents and listen to how they treat people?
CSFV is a highly respected business that takes great care in ensuring only the highest standards of legal and ethical practices are applied in the process of servicing the account. Calls are recorded and archived to assure that all dealing attain the highest standards. CSFV agents are regularly evaluated on the quality of their calls and the overall manner in which they deal with people.
Why are no messages left when you call and I’m unable to answer?
Due to the risk of 3rd party disclosure, CSFV chooses to not leave messages to protect your privacy.
Is CSFV allowed to refuse my payment?
When a bill is turned over for collection, payment is due in full. Payment plans are potentially offered as a courtesy to people who are willing to explain their financial situation. At that time, our agents can determine a suitable arrangement for repayment.
Can I have you speak with a 3rd party who is helping me with my debt?
There needs to be a written consent on file to speak with a 3rd party regarding your debt. CSFV is able to provide you with an Authorization for as a courtesy.
I received a bill with a balance I thought insurance was going to cover, what do I do?
In general, billing of insurance is done as a courtesy to patients. It is ultimately your responsibility to ensure insurance was processed in a timely manner. You are welcome to contact your insurance company to inquire. We do not handle any insurance claims in our office at CSFV.
For any further questions, please feel free to contact us.