Capital Collections Collection Agency Frequently Ask Questions

Why use a debt collection agency?

Debtors will often pay a collection agency even though they never cooperated with the original creditor, mainly 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. Also, many debtors are wary of the impact that a collection account can have on their credit score.

What is your collection fee?

Generally speaking, our contingent fees range from 25% to 35% PayDay Loan, 20% to 25% Credit Card and Mortgage debts, 25% to 30% Sub Prime Credit, provided that the obligation is no older than a year old. For debts older than 12 months, the contingent fees go from 40% and 50%.

What are your overall debt collection success rates?

There are several variables that will influence recovery rates: 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 and type of debt (commercial/consumer/medical/NSF checks, etc.).

What types of reports do you offer?

Capital Collections LLC offers many different reports to our clients. We have a custom report module that can create many custom reports based on the needs of the client. Our most popular reporting package includes: Monthly preliminary and final debtor activity report which includes payments made, accounts paid in full, total activity per client, bankruptcy. Other reports are available and at Capital Collections LLC we will assist you not only in providing it to you but in determining which report will suit your needs in the best way.

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

If the debtor disputes the debt, Capital Collections LLC will provide them with verification of the debt, which typically consists of the documentation initially provided by the client. On occasion and depending on the dispute, Capital Collections LLC may have to request additional documentation from you, the client, in order to properly verify the debt. If the debtor simply refuses to pay, we will review the file to determine what negotiation can be applied upon client approval. If collecting the full amount is not possible, we will persue the best negotiation for your convenience.

How important is the age of a debt?

The age of a delinquent 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. Incorporating this strategy will help ensure maximum recoveries with the least cost to your company.

What experience level does your staff of collectors possess?

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. They are also required as a condition of further employment with Capital Collections LLC.

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

Established in 1995, Capital Collections LLC has seen significant growth over the years. During this period of development, we have learned what our customers require and have structured our company to provide them with exactly those needs. Performance and communication are two aspects that hold great importance for us since their successful accomplishment will translate into satisfied clients. Our new, enhanced website and full-time client-relations representatives are two of the many reasons that Capital Collections LLC outdistances the competition when it comes to communication. At Capital Collections LLC, our collectors do not stand alone, but rather are supported by all levels of management. We take collections very seriously and believe that collections are and should be our primary focus.

How long have you been in business?

Capital Collections was created as a provider of financial recovery solutions. Our firm has grown since 1995 because we accomplish the results that our clients expect.
How do I become a client of Capital Collections LLC?
Once you have addressed your needs to the management area and have signed our agreement you are ready to start placing your files with our company. You will be assisted in regards of what is the best way to place your debts with Capital Collections LLC.

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?

Ease of placement is a reality at Capital Collections LLC. We provide the option to place individual accounts for those clients that have one or few claims to place, but for those clients with heavy volume, we can receive their placements via mail using a csv file, or FTP. Our new enhanced website easily accommodates those clients with large volume placements.

Does your company charge an annual fee?

There is no annual fee for our services. In fact, since our fees are generated solely upon collections, you don't pay unless we collect.

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

Claim placement is easy with Capital Collections LLC once you have authorized the appropriate collection services agreement. Simply fill out the placement form as indicated. If you have a high volume of accounts that need to be sent, you can send us the information by email or place using our FTP. Once an account is placed, Capital Collections LLC commences services immediately.

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

In order to get started with Capital Collections LLC for collection services, you need to sign the proper agreement, in which you are requested to provide specific contact information. Since our international recovery service is based in a professional and succesfull management of the information, when you place your debts for recovery with our company, each debtor must include the following information:
Last Name, First Name, SSN, Bank Routing, Bank Account, Email Address, Address, State, Postal Code, Phone 1 (Home Phone Number), Phone 2 (Work Phone Number), References, Bank Name, Bank Phone Number, Check Date *, Check No.*, Amount owed principal, fees, total owed.

What is your process for debt collection?

Once a claim is forwarded to Capital Collections LLC and booked for processing, first contact is initiated immediately and finished no later than within the following 24 hours. All debtors are informed by regular mail and our efforts continue through a series of impact letters and timely phone contacts until the account is resolved by one of the following outcomes occurring: payment in full, payment arrangements made, settlement made, or efforts exhausted. If any of the debts is resolved as a bankruptcy, records are kept in the system and forwarded to you on a monthly report.