How does Cornerstone Credit Services determine whether it can help me recover accounts?
Every business is unique, which means every recovery process is unique. In order to find the right solution to manage outstanding accounts for your business, we like to meet with you and analyze what type of revenues you have lost, how and why it occurred, how it is currently being tracked and managed, and what you’ve already done to try and recover your money. After that, we can identify if we’d be a good fit to work together, and if we are, we can get the process started.
What type of account information does Cornerstone Credit Services need from me?
Our priority is helping you get paid as quickly as possible. The faster you send us your accounts for collection, the faster this can happen. It’s best to start with two things: first, who owes the money, and second, how did you arrive at the balance. Then we’ll need to talk about the last known address, the dates of service, the amounts charged, the date the accounts became due, which portion is principal and which is interest, which portion is a late fee, and a copy of the agreement that was provided to the customer at the beginning.
What are the factors involved in determining your contingency rate?
Contingency rates depend on a number of different factors, for example: the average age of the accounts, the average balance of the accounts, the type of account being collected, the overall volume of accounts being submitted, and any relevant economic factors.
Do you report to the credit bureau?
Yes. We report to Experian, Trans Union, and Equifax. This is regulated and certain industries aren’t allowed to be reported. The credit bureaus also require either a date of birth or a full social security number.
Do you sue accounts?
Sometimes. The best-case scenario for us is that we collect accounts voluntarily, because this maximizes revenues while keeping costs as low as possible. However, there are situations where voluntary payments cannot be arranged. In these cases, we will identify viable assets, such as bank accounts, employment wages, the Permanent Fund Dividend, and surety bonds. We will also research each account to make sure the consumer doesn’t have prior outstanding judgments, garnishments, liens or writs that would make legal action ineffective. After that, we will choose whether or not to proceed with legal action.
How often will I see recovery checks?
The frequency of recovery checks depends on the client. Of course, the better the collection agency, the better the rate of recovery will be. However, we need your help. Things like the account type, the volume of accounts referred, the average age of the accounts, the type of information gathered about each account before you started working with us, and your internal policies and procedures, all impact our success rate. These things all have a direct impact on when you will be able to start receiving recovery checks.
Are some accounts too old to turn over for collections?
Yes. You should ask yourself this question once 12 months have passed. What is the cost-benefit of the situation? Will you be wasting time and money on an account when the chance of recovery is next to zero? As a general rule, the older an account is, the harder it is to collect. You’re also much more likely to receive complaints which could affect your reputation. For this reason, we recommend turning over accounts that are less than a year old.
How do I stay informed while my accounts are being recovered?
All of our client relationships are built on accountability and trust. When you become a client, you’ll be assigned a dedicated customer service representative, who will be your go-to contact person. You can contact this person directly via phone or email at any time. They also have the ability to send you specialized reports that will make it easy to track your progress over time. We believe regular contact is the key to a successful relationship, because it ensures we can identify potential issues early and work together to improve your recovery rate.
What should we do if someone pays us directly instead of Cornerstone Credit Services?
This varies from client to client, and it’s totally at your discretion. Many clients prefer not to be involved in the collection process after they refer an account to us, but as long as you keep the lines of communication open, we can accommodate whichever method you prefer. If you do decide to take payments, however, we recommend you only accept them in full.