In a highly-regulated industry, collecting money, providing excellent service and maintaining an exceptional reputation can be challenging. With Finance System, Inc., we combine our successful debt collection strategies, technology and professionals to serve as an extension of your business so you can focus on taking care of your customers, and we can focus on improving your revenue cycle. With high recovery rates and extensive knowledge in the healthcare, utility, retail, government, finance, education industries and more, we have mastered the art of collecting bad debt and preserving the relationships you’ve worked hard to build. What’s more, we understand no two organizations are alike which is why we listen to your requests and tailor our approach to meet your specific needs. Let us be the trusting partner you can count on to deliver achievable results.
What if a consumer calls my office after the account is placed with FSI?
Once an account is placed with a collection agency, a host of additional laws and regulations come into play. Principal amongst these is the Fair Debt Collection Practices Act (FDCPA). The FDCPA is administered by the Federal Trade Commission and is the prima regulatory agency over-seeing debt collection activity. Within the FDCPA, certain actions related to communication concerning the amount of legal status of the debt are covered in the Act and as a result, Finance System asks that any request for information on the account after it is placed for collection be handled and/or coordinated by our office.
What do I do if our office receives a notice that the consumer is filing bankruptcy and the account is with your office?
If you receive any bankruptcy notices after Account Placement, it is extremely important that you forward them to our office, due to the fact that we are required to cease collection efforts. There are two types of Bankruptcy, which may be filed. Chapter 7 bankruptcies are generally referred to as “no asset” cases, and Chapter 13 bankruptcies are commonly referred to as “re-organization cases”, which include a re-payment plan. Finance System recommends that its clients file a proof of claim in all cases for your protection.
What if I receive notification that the consumer is now deceased?
Finance System will research and file the appropriate claims on the consumer’s estate. Remember that in many states, the passing of one spouse does not relieve the other spouse of financial responsibility.