On this page you will
find some frequently asked questions. If you
don't find what you are looking for here,
please feel free to contact us by phone or
mail. We are Vigilant About Your Business
FAQ's
1.
Do you purchase the debts outright from
the client or do you charge a percentage
of the debt collected?
2. Why use a collection Agency?
3. How long will it take on
average for you to collect on accounts?
4. How long should I wait before
I turn my accounts over for collection?
5. What debts can be placed
for collection?
6. Do you report to the Credit
Bureau?
7. How actively do you pursue
bad addresses?
8. After court judgments do
you pursue avenues to get levies on bank
accounts/property etc., or can you find
out this information so we can attach any
assets?
9. How long have you been in
business?
10. If I decide to use your
services how do I get started?
11. What is your fee structure?
12. Do I have to sign a contract?
13. Are you a member of the
any trade association?
14. Do you belong to a local
Chamber of Commerce?
15. Do you have any estimated
of average recovery rates that we can except?
16. What is your process for
collection?
17. Do you have any requirements
for us?
18. Can you pursue legal action
in other states besides where your corporate
office is?
1. Do you purchase the
debts outright from the client or do you
charge a percentage of the debt collected?
2. Why use a collection
Agency?
Many
customers will pay a collection agency
even though they never cooperated with
the original creditor. Customers in many
cases feel you are serious about repayment
and do not want a damaged credit rating
or go to court. It is therefore likely
that a collections agency may be more
likely to collect when the client was
not able to.
 TOP
3. How long will it
take on average for you to collect on
accounts?
Not all
claims are collectible as some customers
may skip, file bankruptcy, become deceased
or just refuse to pay. The age of the
debt also plays a part in how long it
may take to collect. If the debt is old
and / or the customer requires backup
paperwork this can prolong any collections.
TOP
4. How long should I
wait before I turn my accounts over for
collection?
You can
turn them over whenever you like, its
up to you, however if the accounts have
not been turned over to another agency
already we recommend as soon as your business
has charged the account off (typically
when a customer is 90-180 days past due.)
TOP
5. What debts can be
placed for collection?
You should
have a between 1-5 accounts, also we do
have a $100.00 minimum combined dollar
amount on claims placed with us. We also
ask that you only place debts that have
occurred in the last 3 years.
TOP
6. Do you report to
the Credit Bureau?
Yes,
we report monthly, though not for all
clients as some have requested we do not
as they would like to handle it themselves.
TOP
7. How actively do you
pursue bad addresses?
We continue
to try and locate customers for at least
6 months to a year. We usually keep checking
back on the account monthly to see if
any files have been updated; such as credit
bureau files, new addresses, or employment
so we can locate them. The account is
looked at weekly to make sure every effort
has been made to locate the customer so
that we can try to collect.
TOP
8. After court judgments
do you pursue avenues to get levies on
bank accounts/property etc., or can you
find out this information so we can attach
any assets?
Yes, we can do an
asset search and find assets, if they
own property, vehicles, have savings and
or checking accounts and also make sure
they have employment where assets can
be attached and wages garnished if necessary.
TOP
9. How long have you
been in business?
Sentry
Credit was established in April of 1992
as a fully automated, full service collection
agency with its corporate office located
in Everett, WA. The founders of Sentry
Credit were formally collection managers
at one of the largest collection agencies
in the Pacific Northwest
TOP
10. If I decide to use
your services how do I get started?
Contact us via e-mail on the "Contact" page or call us at 800-608-2581 and ask for our sales department and they will be more than happy to provide you with the necessary information to get you started.
TOP
11. What is your fee
structure?
Our fees
are competitive with other firms and range
from 25% to 50% depending upon the volume
of accounts placed, the age of accounts
and if the accounts were placed with other
firms prior to retaining Sentry Credit.
There are no upfront sign up fees or costs
and our fees are contingency based, so
we only get paid when we perform.
TOP
12. Do I have to sign
a contract?
No, our
collection program is set up on a per
account basis. We do not require clients
to sign any long-term contracts or submit
accounts at a certain age. When you have
accounts that you are ready to place for
collection simply send them to us. We
keep our clients by performance, not contracts.
TOP
13. Are you a member
of the any trade association?
Yes,The
Washington Collectors Association, The
Better Business Bureau of Washington and
Oregon & The American Collectors Association.
TOP
14. Do you belong to
a local Chamber of Commerce?
Yes,
we belong to the Everett Chamber of commerce
TOP
15. Do you have any
estimated of average recovery rates that
we can except?
This
would depend on the number of accounts
placed the average dollar amount, the
age of the account and if they are first
or second placements. If, for example
the accounts are all 90-120 days old and
you have good addresses and phone numbers
the chances of recovery are high. Sentry
has a high recovery rate and have been told
by several of our clients that we have
collected money for them that other agencies
could not.
TOP
16. What is your process
for collection?
Once
you place an account with us we send an
initial collection letter to the customer
letting them know the account has been
place with us, who the creditor is (you)
and how much is owed. By law we must also
let them know that they have 30 days to
dispute the debt or request verification.
We then wait a few days to ensure they
have received this letter and then we
begin to call them. We cannot demand payment
in full or report the debt to the credit
bureaus within this 30-day period.
TOP
17. Do you have any
requirements for us?
The most
important requirement we have is that
you report to us if a customer pays you
directly. It is illegal for us to try
to continue to collect once a customer
has paid either you or us. Once you place
the account with us you must stop all
in-house collection activity, do not send
out monthly statements or continue to
add any interest.
TOP
18. Can you pursue legal
action in other states besides where your
corporate office is?
Legal
action on any account is evaluated on
a client-by-client basis.
However if a client wishes for Sentry
credit to pursue legal action in another
State Sentry will retain Legal representation
in the state requested and pursue the
debt.
TOP
|
