Businesses in Chicago trust KOP Collection Services to help increase their revenue with improved accounts receivable tools, professional tactics and experts. Our team is here to help you recover overdue invoices and protect your right as a creditor. Our superior debt collection services have led to our 70% success rate and positive online reviews. Debt collection can be difficult in Chicago and throughout Illinois, but we put together a strategy that is customized to the circumstances of each claim that is received. KOP’s professional approach to collecting has led to our exceptional success rate for our clients, and our happy customers have written lots of 5 star reviews. Fill out our simple Get a Free Quote form or call us to discuss the specifics of your situation.
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We understand business in Chicago
Chicago is the 3rd largest metropolitan city in the United States and a major global financial center. There are thousands of collection agencies to choose from, and all can be very different when it comes to knowledge of your industry, communication and approach. At KOP Collection Services we pride ourselves in giving a better service than our competitors, while also saving you money with better rates.
What can you expect from KOP Collection Services?
1) Personalized Service. Your collection agency should be meeting your company's needs and easy to work with. If you need a report or update you should receive it within one working day. KOP Collection Services will give your business a personalized service that other big debt collection agencies will not give you.
2) Promptness. Your collection agency should be contacting you back immediately about any questions or concerns you have on an account. At KOP Collection Services we will return your call or email within one working day.
3) Results. KOP Collection Services has liquidated more than 70% of the dollars placed with us. We would like to show you the same successful results and put money back into your company's pockets.
4) Online Portal. Online open access is a great asset to expect from your agency. Through KOP's secure website clients are provided the flexibility and freedom to audit their accounts, access reports, place new accounts, and report payments anytime, 24/7.
5) Compliance. Compliance and effective communication are key to success in the collections industry. KOP is committed to the highest professional standards, and we treat every individual with respect and dignity.
Collection Agency Tips for Chicago Businesses
Making calls, writing letters, and contacting lawyers to collect debts is a time-consuming process. With KOP by your side, you don’t need to devote endless resources just to receive the money you’re already owed. Businesses globally face uncertainty and volatility in today's economic landscape. We understand the increased importance of cash flow and reduced receivables during this unpredictable time and are here to help. As the best debt collection agency in Chicago, we offer our services to national and international companies of all sizes. Businesses in Chicago have been using KOP Collection Services for debt collections help for several years. Also, people in Chicago are protected by the Fair Debt Collection Practices Act (FDCPA) as well as Illinois Collection Agency Act (ICAA) that supplements the laws governing debt collectors under the Federal Fair Debt Collection Practices Act. As the best debt collection agency in Chicago, we understand all these laws. Our Superior debt collection services can restore your lost revenue and streamline your cash flow. Contact us now and partner up with the best collection debt agency in Chicago.
If your delinquent customer is a large, well-known company, then something is wrong. If you can’t figure out what is wrong, then you need a professional team on your side to protect your interests and get your money. The longer you wait without making progress, the harder it becomes to get paid. If their excuse for not paying is for any other reason, you could be on the path to never get paid. The sooner you act with customers who are struggling financially, the better chance you will have in recovering the most money possible. The likelihood of collecting declines more than 1% per week based on nationwide results published by the Commercial Law League of America.
If you are reading this, most likely you need help and you need it now. When evaluating collection agencies, the key issue is not the contingency rate, but the likelihood of that team collecting your money. We have very competitive contingency rates, but most importantly, a superior team that generates superior results. Contact us today and we’ll be working to get your money tomorrow! Call us now, fill out the Request A Quote form on this page, or use the navigation bar at the top of this page to learn more about who we are, how we create success, and what we charge.
Top Challenges in Chicago Debt Collection
One in three Illinois residents currently have debts in collections. Illinois has the fifth-worst bankruptcy rate per capita in the U.S., with almost 50,000 Chapter 7 and 13 bankruptcy filings per year, according to the American Bankruptcy Institute’s 2019 Bankruptcy Statistics. The longer you wait to place an account for collection, the less likely it is that you will be able to collect. With levels of debt already high in Chicago, creditors will need to act fast to recover their funds, or risk having them discharged in bankruptcy.
Chicago Debt Collection Agency Resources
We frequently use the resources below when collecting from Chicago companies:
Quick Facts About Debt Collection in Chicago
Open Invoices
Unpaid Invoice Interest Rate: 5% per year; 9% max. for written contracts.
Can Collection Fees be added? Yes, if included in contract.
Statute of Limitations/Prescription: Verbal agreement: five years. Written agreement: 10 years.
Judgments
Post Judgment Interest Rate: 5% for consumer balances under $25,000; 9% for other balances
Judgment Expiration: 17 years for consumer debts; 27 years for others.
Can judgment be renewed? Yes.
Illinois is considered to be a closed state for a commercial collection agency. Collecting commercial accounts in most states are usually exempt from most of the regulations covering the collection of consumer debt by a retail or consumer collection agency. Illinois has one minor and restrictive exception (see Illinois collection agency laws below) for commercial collections where an agency doesn't have to be licensed as an Illinois collection agency.
An Illinois collection agency is affected by regulations that govern commercial collection services. This is yet another reason to consider KOP. Our decades of compliance experience and collection results make us a natural to be your Illinois collection agency.
Below you will find summary points on some Illinois collection regulations and laws that affect debt collection for an Illinois collection agency. You may want to consider some of these points when placing commercial collection files with an Illinois collection agency.
Illinois Collection Laws
Illinois Collection Interest Rates
Illinois Legal Rate: 5% per annum (Without written agreement)
Contract Rate: 9% per annum
Corporate Rate: Any rate
Judgment Rate: 9% per annum – 6% against Government entities
Usury % Cap: 9% (one of the most restrictive in the US)
An Illinois collection agency can only apply or charge interest at the rates above in Illinois.
Illinois Statute of Limitations
Oral Contract: 5 Years
Written Contract: 10 Years
Contracts for Sale (UCC): 4 Years
Judgment: 20 Years
Bad or NSF Check collection charges in Illinois
Commercial Service Charge: $4.50 plus applicable bank fees
Consumer Service Charge: $25
Illinois Collection Agency Laws
Illinois Collection Agency Licensing: YES (see exception)
Exception: No collection agency shall be required to be licensed or maintain an established business address in Illinois if the agency’s activities in Illinois are limited to collecting debts from debtors located in Illinois by means of interstate communication, including telephone, mail, or facsimile transmission from the agency’s location in another state provided they are licensed in that state and these same privileges are permitted in that licensed state to a licensed Illinois collection agency.
Bond: $50,000
Trust Account: Required
Local Experts in Collections
We offer representatives in Chicago who understand the debt collection practices that work to support full recovery of your funds.