Documents
What is a Letter of Authority or Client Authorization Letter document?
Document that gives Legal authorization to be represented by an attorney; Document if signed by a client means that they now enabled the attorney to act on their behalf and represent them.
When is an attorney assigned to a case?
When a client receives a summons or other legal action against them
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 cease and desist letter?
The letter that demands any communications to halt and be directed to a different party (except for routine statements and billing notices)
What department handles client file cancellation requests?
Retention Team
What is the main email we give to clients to send us documents or ask any questions or concerns?
customerservice@resolutionprocessing.com
What is a default judgment?
The final decision made by a court or judge.
For new clients, when do the cease and desist letters go out?
After the 1st payment clears
What does it mean to dispute?
To challenge the legality or legal validity 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.
What is a debt consolidation program?
When all the debts are combined into one that the client pays off; must qualify with high credit score; Taking out one loan to pay off another loan.
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
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 and to prove the client incurred the debt.
What does ResPro do if a creditor provides sufficient/valid documentation for our clients debt accounts?
Wait for the OC (original creditor) to either sue the client or sell the debt to a 3rd party
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.
How long does it typically take to finalize a settlement once negotiations begin?
30-90 days
What is a CB1 letter?
Creditor provided insufficient information regarding the request
Why does our legal services agreement mention the state of California?
Our firm is a corporation in the state of California
For new clients, when do the dispute letters to the enrolled creditors and debt collectors go out?Required to answer. Single choice.
60 days from when the bureau dispute letters are sent
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 is the lowest monthly payment ResPro will accept from clients?
$250
What is a CB3 letter?
Credit Bureaus failure to respond to our demand within the provided timeframe
What is a CB2 letter?
Creditors failure/Refusal to Comply or Respond to request
What are ways we help our clients with creditor harassment/creditor communications?
By sending a Cease and Desist letter
What is a garnishment?
A court order directing that money or property of a third party (usually wages paid by an employer) be seized to satisfy a debt owed by a debtor to a plaintiff creditor.
What is a debt settlement program?
It is when the debts are reduced to a lower amount that the client can pay off, the client pays a monthly payment and the settlement company works on one account at a time. Does not start settling a debt until there is enough funds in the clients account.