We understand how unpaid accounts can impact profitability and hamper the growth of your business.
With offices in over 150 countries, working with Cedar Financial provides you with access to a global network of nationally licensed debt collection firms.
Below we briefly explain the debt collection process of Cedar Financial.
The Pre-Collection Process consists of several important steps before collection efforts can take place.
First, our expert sales department of experienced credit risk consultants will meet with you to discuss the specifics of your outstanding accounts.
During this time, you will discuss the negotiation of terms and a thorough description of the particular procedures in our office will be addressed. Any additional questions you had may also be answered before terms are agreed upon.
Following negotiation, our Client Relations Department will request proof of claim documents (invoices, contracts or agreements, legal documents, etc.) and ask your efforts to recovery the funds thus far to validate the claim for collection efforts.
Once the claim has been validated, a pre-collection or final notice will be sent to the consumer as a last effort to resolve the account amicably.
Following the pre-collection grace period, unresolved accounts are transferred over into a full collection campaign.
Operate with our Pre-Collection services to help cut the cost of collections and convince your debtor to pay before the possibility of negative credit reports are made.
World Class Services
Read More
Following the Pre-Collection process, any unresolved accounts are transferred to our Cedar Financial collectors for a full collection campaign.
During this time, our Client Relations Department will discuss your needs and preferences regarding placement methods, desired status reports, and remittance methods, amongst other updates.
From Client Relations, the accounts are now placed with Account Managers and our team of experienced collectors. Once the claim is with our collectors, the accounts are pursued with consistent and persuasive efforts in compliance with federal and state collection regulations.
Cedar Financial’s “People First” approach is utilized to preserve the integrity and reputation of the relationships you’ve created with your customers. Phone calls and Postal Mail efforts will be conducted and exhausted in attempts to resolve the account.
Our collectors will be in constant communication with Account Managers to relay any information necessary back to the client, as well as, to provide regular status updates.
Take advantage of our experienced collectors to help settle your default/unresolved accounts! Our “People First” approach can help restore the relationship between you and your client, opening the door for repeat business and new referral accounts.
World Class Services
Read More
How Can We Help?
Request Your Free Quote
Once Cedar Financial collection efforts have been exhausted, our Account Managers will review all non-paying or unresolved files for possible recommendation of legal action.
The factors that are considered for legal action may consist of balance of the account, age of the debt, and the collectability of the claim. This process involves the discovery of consumer assets and risk-reward evaluations to determine whether moving forward with legal action would be cost effective for the client and the agency.
Legal efforts typically require an increase to the agreed contingency rate in order to accommodate attorney services.
Depending on the arrangement and the contingency rate agreement, legal costs are subject to up front coverage to proceed with filing a suit.
The Cedar Financial legal service offers access to a global network of experienced attorneys to represent your claim through the next step. During this process, the client will facilitate any further action.
Taking any account into legal consideration can be stressful.
At Cedar Financial, our legal representatives provide cost effective recommendations to help you settle out your accounts once and for all.
How Can We Help?
Request Your Free Quote
