CBC, Inc. & VCS, Inc. - Frequently Asked Questions

Please click on any of the questions below to be directed to the answer:

• Why use a collection agency?
• What are your overall collection success rates?
• How quickly will you collect my money?
• What if my debtor disputes the debt or simply refuses to pay?
• Do you handle my claims all the way through the collection process, including legal?
• How important is the age of a debt?
• My Company is very customer-oriented. Can you collect without damaging goodwill or jeopardizing future relationships with our clients?
• What experience level does your staff of collectors possess?
• What sets your firm apart from the many agencies out there?
• I'm interested in placing multiple accounts. Do I have to fill out one placement form at a time or can I place in mass?
• Does your company charge an annual fee?
• If I decide to use your services, how do I get started?
• What information would you need from me in order to get started?
• What is your process for collection?

Why use a collection agency?

Debtors will often pay a collection agency even though they never cooperated with the original creditor. This is because collection agencies typically increase the psychological anxiety associated with a debt. Second, the debtor will understand that the creditor is serious about collecting their money. Finally, many debtors do not want their credit rating tarnished nor do they wish to be sued in court. We systematically place derogatory information with credit repositories and it is your choice to instruct us to file suit.

What are your overall collection success rates?

There are several variables that will influence recovery rates. However, the age of the debt is arguably the most important factor. The older the debt is, the lower the chance of recovery. Other important variables include: industry, balance, documentation, demographics, type of debt (commercial/consumer/medical/NSF checks, etc.), your agreement and office policies.

How quickly will you collect my money?

Claims are entered, and a first collection notice is mailed within the first 24 hours. This notice is followed up with subsequent phone calls and additional letters. Some debts are collected in the first few days while others may take years! There are skips (cannot locate debtor), debtors who dispute the debt and debtors who are simply uncooperative. On average, we collect or have set up payment arrangements within the first 90 days.

What if the debtor disputes the debt or simply refuses to pay?

If the debtor disputes the debt, we will obtain documentation which validates the debt and provide them with this documentation. If the debtor simply refuses to pay, we will determine if it makes sense to initiate legal proceedings. Factors considered in starting a lawsuit include: good documentation, balance, any additional cost of litigation and a good address to serve the consumer with the summons or complaint. If a file is not considered "suit worthy", we may still elect to continue to report the debt to credit bureaus. We receive many payments each week from consumers attempting to clean up their credit rating by paying off old debts.

Do you handle my claims all the way through the collection process, including legal?

Yes. Primarily, we will attempt to recover your debt in-house. However, in the event litigation becomes necessary, our network of creditor attorneys can fully pursue delinquent accounts. We will also keep you updated as to the progress made by our attorneys who are working on your behalf. Our clients appreciate the fact that we take care of everything throughout the collection process, especially the legal process since many people are not familiar with the complexities involved in a lawsuit.

How important is the age of a debt?

The age of an account is one of the biggest factors in determining whether or not a debt gets paid. The older the debt, the harder it is to collect. Research on the collectability of delinquent accounts clearly shows that the most advantageous time to enlist the services of a collection agency is within 60-90 days of the invoice due date, roughly 90-120 days after services were rendered. Incorporating this strategy will help ensure maximum recoveries with the least cost to your company.

My company is very customer oriented. Can you collect without damaging goodwill or jeopardizing future relationships with our clients?

Yes, we can. Many of our clients give us specific instructions as to how to proceed against their customers. We realize that today's slow-paying customer can often be converted into tomorrow's good-paying customer with the right amount of collection follow-up. This is why we endeavor to collect while attempting to salvage the business relationship between our client and their customer. We've been helping creditors since 1920 and if we didn't treat people right, I doubt we would be in business today.

What experience level does your staff of collectors possess?

We are one of the few agencies that successfully handles consumer, commercial and medical claims. Our collectors are both specialized and cross-trained in all types of collection arenas. As a condition of further employment, all collection specialists are required to become certified by both ACA International and MDHBA within one year. All collectors are highly trained and knowledgeable in FDCPA requirements. Courses and seminars are offered that cover a wide spectrum of collection and service related issues.

What sets your firm apart from the many agencies out there?

Performance and communication are two aspects that hold great importance for us since successful accomplishment will translate into satisfied clients. Our new, enhanced website and full-time client-relations representatives are two of the many reasons that help us to outdistance the competition. We take your profit margin very seriously and believe that proper, combined management of all aspects of cash flow are imperative to a successful business.

I am interested in placing multiple accounts. Do I have to fill out one placement form at a time or can I place in mass?

In today's high-tech world there really isn't any reason you need to fill out form after form or waste hours making print screens. Please contact us to discuss account placement. We can receive placements through various mediums for large or small volumes of accounts.

Does your company charge an annual fee?

Good news. There is no annual fee for most of our services. Some integrated service partners (credit card processors, etc.) have annual fees, but these are mandated by the partner. We simply pass our wholesale cost on and make no profit on any annual fee. In fact, since our fees are generated solely upon services provided, you don't pay unless we recover an account or reduce your cost of doing business.

If I decide to use your services, how do I get started?

Of course we will need an agreement with you for the services you need. Simply contact us, and we can arrange to have the proper documents completed. Once an agreement is on file, we will commence services immediately.

What information would you need from me in order to get started?

To make sure we fully understand your needs and goals, a short phone consultation is in order. After obtaining all of the pertinent information in regards to your specific issue, we will suggest an appropriate course of action. Sometimes action can be taken without our involvement. However, relative to account management, knowledge is power. The more information we possess concerning the obligation or issue, the easier it is to dissolve any objections and effect payment.

What is your process for working accounts?

Since we can handle any account from the initial "day 1" posting all the way through to legal collections, it would be exhaustive to write every practice and policy here. However, please be aware that our first contact is initiated within 24 hours. Our efforts continue through a series of impact letters and phone calls until the account is resolved by one of a number of outcomes. Reports are emailed to you monthly.