Client Basics
What do you always need to do before you exit a client's file?
Leave a note
What is the minimum debt load Resolution Processing will enroll?
$8,000
What is a cease and desist letter?
The letter that demands any communications to halt and be directed to a different party
What is a summons?
A legal document informing a consumer they are being sued (lawsuit).
What is a charge off on a client's credit report?
When a company writes off a debt as a loss. This occurs when a creditor has essentially given up collecting on a debt due to a lack of payment from the debtor.
What type of clients are we enrolling?
In financial distress, unhappy, likely has a low credit score
What amount do we charge if a new client wants to enroll an account with an active summons?
$1,000
What is a dispute letter?
The letter that demands a creditor or third-party collector to provide the requested documents to prove they can collect on the debt
What is pre-litigation?
Pre-litigation is when a settlement occurs before a lawsuit
What does it mean to dispute?
To challenge the legality of a debt to prove if the creditor has the documentation that gives the creditor the right to collect from the client and prove the client incurred the debt.
Can a client re-enroll at anytime?
Yes, but it needs to go through a review and approval process
Are all client's payments the same?
No, payments depend on the enrolled debts and the type of client enrolled
For new clients, when do the cease and desist letters go out?
After the 1st payment clears
Does Resolution Processing handle pre-litigation?
ResPro does not offer pre-litigation services, but if a creditor sends a pre-litigation offer, ResPro's legal team will review the pre-litigation offers received with the client.
What is the right to offset or right of setoff?
When a financial institution has the ability to grab money out of a deposit account, like a checking or savings, in order to satisfy an outstanding debt to the same institution.
What information must we collect from our clients at the beginning of every call?
Last 4 of SSN and DOB OR DOB and full address including Zip Code
What is the lowest monthly payment we will accept from clients?
$250
For new clients, when do the dispute letters to the credit bureaus go out?
15 days from when the first payment clears
What is a default judgment?
The final decision made by a court or judge.
What's happening when a client stops paying on their enrolled accounts?
Accounts are going delinquent, their interest is likely increasing, credit limits are being lowered, harassing calls are ramping up
If a client asks for your last name or their File Manager's last name, can you provide this information?
No, I cannot provide this information
If a client wants to make a payment change, how many days before their payment due date must they call in order for us to make that change?
3 business days
For new clients, when do the dispute letters to the enrolled creditors and debt collectors go out?
60 days from when the bureau dispute letters are sent
Who will a default judgment almost always favor?
Plaintiff (Creditor)
What is a debt collection notice (debt assignment, reassignment of a debt)?
A notice sent to inform a consumer when their debt is sold to a third-party agency to collect