Curious about what happens once you send an account to collections via CollBox's Collect service? See below.
When you submit a placement to collections, it is automatically or manually released to the appropriate collection agency, depending on how you've chosen to integrate your books and the type of debt.
Once the agency receives the placement they review the claim and supporting documentation provided and check it for legitimacy and collectability. When approved, the agency then loads the placement into their system and begins their collection activity.
From there, the agency then makes initial contact with the debtor using language that lays out all information needed to resolve the debt such as creditor name, date of service, balance due, etc. If the debtor is a consumer, the disclosure will be sent as a letter, per legal statute as well. Commercial debtors will receive either a letter or an email disclosing the situation to them.
Once initial contact has been made, the agency begins its call campaign, following up with the debtor as needed. This usually takes place over several weeks to a few months. The agents will switch up how and when the debtor is contacted to maximize the odds that they reach them and, where legally possible, will use a variety of contact methods to do so. When the debtor is contacted, they are directly told they are speaking with a debt collector, who is calling to collect a debt, and that any information revealed in the call will be used for the purpose of collecting said debt.
When the debtor agrees to pay, the agency will contact you about your preferred payment method, then get you paid for your hard work!
If the debt becomes delinquent and you would like to report the debtor, their file is uploaded to the credit bureau. One important thing to note here is that reporting a debt to the credit bureaus is only available for consumer debts (as there are no standardized "Credit Bureaus" for businesses) and you must directly request that the agency report the debt. For more information on how credit reporting works, check out this Help Center article.