To bring your collection issues to resolution, we will...
Work with your credit department and personnel in determining a timely placement of the commercial account matters to watch for:
- Business relocation.
- Principals of the business no longer available.
- Credit rep being relegated to third parties such as accountants and attorneys.
- Divorce action filed or other litigation.
- Failure to supply timely financial statements.
- Notice of suits filed, IRS involvement, repossessions, and disposition.
- Partial payments, return drafts, several changes of banking over a short period.
Use the latest technology available to locate the debtor and proper parties of responsibility.
- On-line business reports, Trans Union, Lixis Nexis, Accurate Credit Bureau, and CreditSafe.
- In-house records and system files on 245 million households/25 million businesses.
- Know systems for liens and UCC-1 filings, bankruptcy review, and litigation filed.
- DBT for property searches, vehicles owned, and criminal records.
Define the financial posture of the debtor and determine the companies ability to pay as agreed.
- Financials filed with other institutions.
- Present debt service.
- Personal guaranties given for anothers debt.
- Personal lines of credit used to benefit a business.
- Present paying habits to general creditors.
Locate assets to determine equities.
- Research present ownership of properties, investment made and fair market values.
- Equipment operated, leased or owned, and depreciation schedules, long term obligations.
- Personal loans of principals/corporation, corporate and personal guaranties.
Be persistent in our efforts to bring the account to a conclusion.
- Communication made with the debtor on the date account is received.
- Persistent contacts with persons of responsibility.
- Decision process from information gained from sources whether debtor is worthy of time extensions for term payments.
- Notify Client as to debtors ability to pay/ lack of cooperation/ preference to other creditors/ litigation required and collection possibilities.
Properly close file when account becomes inactive.
Bankruptcy, settlement, dissolved or foreclosed business, defunct corporation, and paid in full.