Credit Network Inc. offers you an extremely valuable service for use in any company. This service will enable you to cut the cost of outside collections, while increasing your own collections with minimal reliance on outside help. Regardless of the size or type of company you have, Credit Network can help you stop losing money on overdue accounts and increase your profits.
Why use Credit Network’s Pre-Collection service?
This service will immediately contact the debtor through the mail using official Credit Network letterhead demanding payment. A series of letters are sent, each one becoming more demanding and firm. The letters get a response from the debtor resulting in them contacting your company to resolve the matter as well as set up payment arrangements.
How does it work?
Your company sends Credit Network a Pre-Collection account listing form filled out with all the necessary information. Which can be mailed to our office. Credit Network then starts the series of letters (with our logo and letterhead) to be mailed to the debtor demanding payment.
Is it effective? How do I get the best results?
The older the account is the less likely positive results will occur. It is best to submit overdue accounts before they reach 90 days. This helps ensure that you will get the best results when using our pre-collection service. While the letters are being sent out to the debtor it is a good idea to make several calls insisting payment as to enforce the letters. This will help you achieve better collection results.
What should not be sent for pre-collection service?
Any accounts that are older than 6 months, accounts that the debtor has already disputed and informed your company that they will not be paying, and accounts that are too difficult to collect by only contacting the debtor by mail. Usually these are unlikely to be successful in any pre-collection service. For these accounts we recommend that you consider listing them with us in our full collection service.
What if the pre-collection service doesn’t work on some accounts?
If your accounts are not paid at the end of the series of scheduled letters (28 days) they will automatically be entered into our full collection service at regular rates.
How do I get started?
Ensure you have the debtor’s name and address and that the account is under six months old (We do not accept accounts into our pre-collection service that are older than six months, for these you should review our full collection service.) Print out a Pre-collection listing form and send it to:
Credit Network Inc.
P.O. Box 1665, 91 Geneva St.
1 888 684 1324
*Please include a cheque or money order for $9.00Canadian per account (GST included)