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Debtor
Information When extending credit, (which is the same as a loan), always request as much information as possible -
on the chance that there is always the possibility of default. If nothing else, obtain your customer's
(or patient's) Social Security Number ...a must. Our skip-tracing sources: Experian Credit Bureau, etc. are
the most accurate with the "Social" as it is known.
A Few Words Could Make a Big Difference:
When you deal with your customers,
patients, clients, etc, if you have a contract, make sure you add it to your “collection costs” language*.
If you don’t have a contract, per se, add it to your invoice or statement.
If it’s NOT there,
you don’t have a chance.
While not always enforceable, it gives you a big psychological edge—and sometimes
it will defray your costs spent to recover your loss.
It can be as simple as: “unpaid accounts will be subject
to all collection costs.”
BCA Financial Services The Holidays can further distract
your debtor from his obligation to pay your bill. We hope you will look over delinquent accounts before the
holidays get rolling. Delinquent Accounts: The collection success rate of yours will be greatly enhanced if you:
- Keep close watch of your accounts internally for 90-120 days-NO LONGER.
(Invoicing, faxing, telephone call follow-up)
- Watch for warning signs i.e. Calls
not returned, promises not kept, mail returned or so-called disputes with more than one reason.
- Turn
them over for collection after the above intense period for maximum results.
Check our WEBSITE periodically for advice and updates or to submit a claim __________________________________
Direct Payments (Payments Made to YOUR office) While
it’s our mutual goal to recover the losses on your delinquent accounts, if your debtor makes a payment to you on an
account that’s been placed with BCA, you may want to consider the following: Will your acceptance
of payment compromise our ability to recover the correct balance? - Does the amount include any allowable fees, costs, etc?
- Has the account been placed with our attorneys for suit collection, thereby jeopardizing
our ability to effectively bring the case to satisfaction (and recover the court costs you expended)?
- If it’s a partial payment, did you make a copy of the check? If the person at
your office accepting the check is not yourself, did they note any language written on the check such as “paid in full”?
When in doubt on any debtor matter—Call BCA
973-429-7616
_________________________ For some great year-'round collection tips and information, or just fun collection stuff,
don't forget to click on BCA's "Collection BLOG" _________________________
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