CODD Collection Policies & Procedures

1.  CODD and CODD employees always follow the Fair Debt Collection Practices Act in our account recovery. Our company also attends the American Collectors Association training seminars to ensure that not only is our collection process abiding by collection laws, but that we go above and beyond in treating our accounts with respect and dignity.

2.  When we receive your debtor accounts for recovery, the first thing we do is review the list.  During this review, we look for any issues or concerns that may stand out and that could pose a problem.  We will organize your list of accounts numerically or alphabetically (your choice) and return to you for “Validation”.  If you or your company, has not already been assigned a CODD account number, one will be provided to you with your Validation List.  We will also assign an account number to each of your debtor’s accounts submitted, as well as the delinquent amount associated with said account.  Lastly, this list will provide a snapshot of your collections portfolio, making all totals and pertinent information more easily understood at a quick glance.

Once, you have approved the validation list, our team of expert collection officers will then begin to collect your delinquent debts.  Our unique system will automatically begin calling known numbers until contact has been made.  We will also automatically send mail to known addresses using 3 proven formats for increased response.  Our team will use skip tracing accounts to update information on the debtors ensuring our methods are most likely reaching your customer.

3. We report any account with a balance greater than $50.00, or multiple accounts that amount to over $50.00 to the three major credit bureaus (TranUnion, Equifax, and Experian).  This negative mark on their credit report can lower their credit score and encourage them to resolve the issue. This option is at your discretion.

4. We will generate status reports for your portfolio of accounts and send to you once a month.  These reports are very detailed and include; your account number, debtors account number(s), the debtors name, unpaid balances, dates of accounts that have been recovered or payments made towards the balance, amounts collected by CODD (as well as any reported direct payments) as well as a clear and concise breakdown of net recoveries with our associated fees with recovery analysis.  All of our reports were designed by an accountant helping you in easily updating your accounting on your end.  Our monthly reports, as well as checks for recovered debts (minus our fees) will be sent out on the 15th of the following month.

5. Should an account contact you and pay your company directly, we require that you inform us so that we can update our accounts accordingly.  We also have a “paid direct” form that is required for our files.

6. Should CODD not be able to collect on an account you have submitted, we will attempt to discover if the responsible party has gainful employment and/or assets of value and recommend one of two options.  Should we discover gainful employment and/or assets, we will recommend escalating the case to our legal team to take legal action.  If we find the debtor is without gainful employment and/or assets, we may recommend closing the account.  Should you decide to move forward with legal action, we will require “Permission to Sue” form be filled out and signed before we can begin performing any legal action.  Should we recommend closing the account, we will provide suggestions for writing off the debt as a loss or a plan for future recovery.  In the event that we proceed with legal recourse, CODD will advance all expenses involved in the case.  Should we discover that one of your accounts has filed for (or is in the process of filing) for bankruptcy, CODD will make a claim with the Bankruptcy Court on your behalf.