Credit & Collection Recovery Services, Inc.
P.O. Box 10
Jasper, AL 35502
Toll Free: 800-794-0432
Here are a few questions that we get on a regular basis.
What is your recovery rate?
Wow—that's a good question, and difficult. It varies widely, based on age of accounts, information accuracy, clientele, and type of account. After 90 days of working together, we’ll know. Then, we'd like to meet with you and go over things that might help you send less business to us.
When is an account too old to turn over?
The BEST thing you can do as a creditor is set a timeline for receivables/collections and stick to it. Collectability drops by the minute, so don’t turn it over once a year. We don’t accept accounts older than three years from last activity.
Do you report to credit?
After 90 days, if no arrangement or payment has been made and no dispute received, we do report the debt to the credit bureau if you desire. We currently do not report any balance under $100.
How do you handle bankruptcies?
All accounts are scrubbed for bankruptcies as soon as they are received. We close all open Chapter 7 accounts and file proofs of claim on any Chapter 13.
What are the options for legal action?
We carefully screen accounts that may qualify for suit. Before we would recommend suing anyone, we would verify long-term employment, assets, etc., to ensure you are not throwing good money after bad. Fees are typically under $200 and billed directly by the attorney. These fees can be added to the balance of the account.
How does a contingency agency work?
You turn over a $300 account. We collect it. At the end of the month, we send you $300 minus our fee. What is our fee? Probably 1/3 of the balance, but call to discuss any discounts that might apply. There are no other charges.
How long do you work the accounts?
The primary factor in distancing us from other agencies is that we simply keep hammering long after others will have stopped. Situations change, people win the lottery, rich Aunt Ethel dies. We want to be there when it happens—not literally, of course. Accounts will remain on a person’s consumer credit file for 7 years.
What kind of fees do you add to the accounts?
Alabama law is silent on collection fees. For that reason, we do not add any fees. An account that goes legal can have fees added if the original contract so provides. State law allows interest calculated at 6% annually on delinquencies.
What do I need to provide and how?
Any and all demographic information that you have. For example, a patient registration sheet or credit app, a copy of the last statement, or any additional information that may be helpful, such as notes, emergency numbers, etc. We accept accounts via mail and fax for data entry. For electronic upload, we accept encrypted e-mail or we will download from your secure website.
How do I get started?
Sign a contract. Send your accounts. Check the mailbox for money.