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Frequently asked questions:

How do I assign accounts to CPI?
Accounts can be assigned by whatever method works best for your company. You can either fill out a listing sheet provided by CPI or provide us with printouts from your system and we will manually enter your accounts. Accounts can also be emailed to us through our 128 bit secure socket layer (SSL) Webserver. Large volume clients can electronically FTP the accounts to us through our encrypted secure website. The email and FTP transfers are available using the Assign New Accounts option on our home page. Contact us for setup and training.

Does CPI charge interest on accounts we assign to collection?
Interest: Interest can be charged at the statutory rate allowed by law in the absence of a written contract, or at the specific rate the consumer has agreed to by written contract. Generally, recovered interest is retained by CPI.

What software and hardware does CPI use?
Collection software/hardware: CPI has utilized the national award winning Columbia Ultimate Business System (CUBS) software since 1988. Main servers are IBM. All offices data bases are "connected" real time. We also have a state of the art CU Converse predictive dialer, allowing us to maximize consumer telephone contact. We are committed to utilizing cutting edge technology to continue to meet the ever changing needs of our clients.

How does CPI go about collecting our accounts?
We use every ethical collection technique possible to optimize the "net dollars recovered" for our clients. Some of the actions are collection notices, telephone contact, debtor counseling, exhaustive skiptracing efforts, legal collections, and account forwarding.

What does CPI do if the consumer will not voluntarily pay?
Legal Collections: CPI maintains in-house legal counsel and a fully staffed legal department to pursue all accounts requiring legal action, to the full extent of the law.

What if the debtor moves out of the area?
Account Forwarding: While CPI makes every attempt to collect accounts nationwide,
CPI will forward accounts to ACA International affiliated offices, as necessary, due to consumers relocating to other states.

How and when will we be paid our share of the dollars recovered?
Remittances: Generally, CPI will remit monies due our clients monthly, within 30 days of the end of the month in which the funds were collected.

What do we do when consumers make direct payments to us after we have turned the account to CPI?
Direct Payments: It is not uncommon for consumers, in response to our collection efforts, to make payments directly to the original creditor. When this happens, for accounting and liability reasons, the direct payment needs to be reported to CPI immediately. Our fees will be netted out of the next client remittance you receive. The payment notification can be done by phone, fax, email, or thru an input screen
in our Website.

Will turning an account to collection affect the credit of the consumer?
Credit Reporting: Yes. CPI sends a monthly credit reporting file to Experian, Trans Union and Equifax, limiting the consumers credit options until the account is paid.

Do you operate in compliance with all relevant federal and state collection and privacy laws?
Compliance: CPI operates in compliance with federal and state collection and privacy laws, rules, and regulations, including but not limited to, the Fair Debt Collection Practices Act (FDCPA), the Fair Credit Reporting Act (FCRA), and the Health Insurance Portability and Accountability Act (HIPAA) and is 501(r) compliant.

Can we cancel accounts after they have been turned over for collection?
Cancel and Return Policy: Yes. Clients maintain control of accounts assigned to CPI for collection. Clients may request that an account be cancelled and returned for legitimate business reasons. However, requests should not be made to cancel and return accounts in anticipation of receiving payment. Additionally, accounts that are part of a court ordered legal judgment, generally, cannot be cancelled and returned.




 

 

 

 

 

© Collection Professionals, Inc. 2004 - 2011
800-584-9151