Sending delinquent accounts to a third-party collections agency can relieve the burden from your accounts receivable staff. KOP's collection services can help you increase cash flow, reduce costs, decrease bad debt write-offs, and protects your right as a creditor. Our success comes from the amount of focus we give to accounts by instilling a level of urgency regarding the importance of immediate payment. KOP uses a combination of letters, phone contact, emails, fax, advanced skip tracing techniques, credit bureau reporting, and if warranted (and approved by client) legal forwarding or litigation, to assist in recovery of your aging account receivables.
All KOP collectors are recognized Certified Collectors by the American Collector Association, and have earned certified status through the IACC Certified Commercial Collector Program or are working toward that end. Our highly trained collectors understand the most effective debt collection methods and strategies.
Advantages of KOP Collection Services
Increase in Accounts Receivable recovery
Free credit bureau reporting
Skip tracing technology
Monday through Saturday contact
Personalized service
Payment plan set up and monitoring
Secure client website, audit your placed accounts 24/7
Credit Reporting Services
Accounts may be listed with the credit reporting services of the National Bureau Trans Union. Statistics show an increase of up to 11% additional recoveries of bad debt just by having it listed on the debtors credit history. Customers who know you are reporting payment behavior to credit agencies are less likely to default on their debt.
Legal Evaluation and Forwarding
KOP negotiates rates with our network of attorneys to get you the best litigation rate, so litigation remains profitable.
As a collection agency we have an opportunity to make a recovery without the use of an attorney. On the other hand, if it looks as though using an attorney is our best option, we can arrange for that service as well. Our experienced legal team will review all of the account information and work with you to figure out the best solution. The use of this information and process greatly reduces the amount of non-profitable suits, judgments that cannot be enforced, litigation costs and costly judgment enforcements.
Doing the due diligence is where we excel and clients are pleased with our results.
Unfortunately most attorneys will only work as you pay them by the hour – regardless of the outcome. KOP has developed a network of attorneys, specializing in consumer and commercial collection law that will handle matters through us on a contingency basis. KOP will educate the client on court costs, counter-suit, judgment collectability and litigation procedure. Our modern debt collection technology allows KOP to keep a close eye on these accounts throughout the legal process.
With KOP, clients will never incur any legal expenses without your authorization. We will always obtain your approval prior to forwarding a claim to legal Counsel.
Only experienced attorneys who specialize in collections and are bonded by a law list are used by our firm.
Attorney selection – Attorneys are carefully screened and interviewed to ensure that they comply with our high standards of service.
Court Costs – KOP negotiates with attorneys to get the lowest possible suit requirements and related costs.
KOP continues to monitor each case throughout the litigation process to ensure that attorneys are providing regular updates as well as adhering to timelines associated with each step of the process.
Client Reports
Through our secure website clients are provided the flexibility and freedom to audit their accounts, access reports, place new accounts, and report payments anytime, 24/7.
Each report shows the client's name, address, date of each debtor transaction, current status, collector notes, amount collected, commission fee, the balance, if any still due, and the amount of the enclosed check for remittance. This does not replace regular updates that KOP will provide on the accounts, but rather supplement that information as needed.
The system also allows clients to update account information, report payments, place single or multiple spreadsheet accounts for collection, and notify collectors of new information that can assist in debt recovery. In addition to retrieving basic information (name of debtor, amount placed, date of placement, current status, etc) the program’s features allow you to sort the data by multiple search criteria. This provides the ability to create custom reports, make comprehensive statistical comparisons and track the most up-to-date recovery results. Reports can be be exported into an excel or text format.
Skip-Tracing Services
KOP uses skip-tracing to locate debtors whose contact information is no longer accurate. We have access to Interactive Data's portfolio of solutions the most comprehensive skip-trace support systems in the industry. It contains information on an estimated 95% of the U.S. population. This enables us to locate more of your customers and get you paid faster.