Credit Collections FAQ
Credit collections are a crucial part of any business. Equally as important as collecting past due revenues, is collecting in accordance with the law, and in a way that strives to maintain a good customer relationship with the debtor. The DataMax team are experts in credit collections, and we are pleased to answer any questions you may have. We have provided some of the questions we are frequently asked below. (To view, click on each question and the answer will be displayed.)
Credit Collections FAQ
Our Service Agreement does not require that our clients use us for a minimum period of time. Our clients stay with us year after year because they are pleased with our services, not because they signed a multi-year commitment to do so.
No, we can use forms you are comfortable with as long as we obtain the needed information. Whatever is simplest for you!
We accept account balances as low as $10.
The Fair Credit Reporting Act stipulates that negative information, such as collection accounts, may only remain on the credit files for 7 years from the date of the last delinquency where it never returned to a current status, or the date of service, not the date it is placed for collection.
When you place new accounts, you will be sent an acknowledgment listing each debtor and the balance placed. We ask that you check it for accuracy. If there are payments on the accounts, you will receive a monthly activity statement listing each payment (either made to your office or ours). Clients wishing to have access to this information may sign up for FACS Web, a free, secure internet connection from our web site. This service can also be used to view letters sent, phone calls made, notes on individual accounts, report payments received in your office, to place new accounts and to run batch reports.
Yes. We have a number of commercial clients and will gladly take on business-to-business accounts. Delinquent commercial accounts are reported to Experian’s Business Credit Reports and Dun and Bradstreet.
Accounts that are unpaid within 35 days of our initial collection notice are reported to all three of the major credit reporting agencies. Some activities, such as dispute verifications, may delay the reporting but will not stop it altogether. There are also service options available that don’t involve reporting accounts to the credit file.