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 by written contract. Interest
is generally split with the client at the agreed on collection rate.
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 maximize 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
tape to both 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 the Fair
Debt Collection Practices Act (FDCPA), the Fair Credit Reporting Act
(FCPA), Health Insurance Portability and Accountability Act (HIPAA),
as well numerous other federal and state collection and privacy related
laws, rules, and regulations.
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.
