Collection Agency Services Frequently Asked Questions and Answers
How is MJ Altman different from other collection agencies?
Based on client feedback, we collect more money with fewer consumer complaints. Our staff is easily accessible with fast turnaround on questions and issues. Scheduled reporting is a big time saver. Clients tell us they do not have to micro manage us to receive consistent collection results, which is also a time saver.
What is your average percentage you collect for your clients?
Recovery varies by client and is dependent on four things: How old the accounts are, how many of them are skip accounts (bad address/bad phone), how hard the accounts have been worked prior to collections, and the overall quality of the clientele. MJ Altman provides guidance and information to help clients achieve the results they are looking for. Our reports tell you how old your accounts are averaging and how many skip accounts we receive. This helps the client manage internal processes and make appropriate changes.
Ideally, when should accounts be turned over to a collection agency?
Best returns are possible for accounts aged 90-120 days from date of service. As accounts pass the 120-day mark, collectability significantly declines.
What are your fees?
Our fees are contingency fees. We collect our fees when we collect your money. This fee is determined by: Age of your accounts, account volume, average account balance, and transmission (paper vs. electronic)
Do you credit-report?
Yes. We report to all three national credit-reporting agencies: Equifax, Experion, and Transunion
Do you skip-trace?
Yes. We have a dedicated skip tracing department to find and collect your money.
Do you offer legal services?
Are you HIPAA compliant?
Yes. Our collectors are tested on HIPAA compliance guidelines and must pass this test with at least a 90% before beginning collection efforts with MJ Altman.
Are you FDCPA compliant? (Federal law governing collection agencies, Fair Debt Collection Practices Act)
Yes. Our collectors are tested on FDCPA compliance guidelines and must pass this test with at least a 90% before beginning collection efforts with MJ Altman.
How do you ensure quality control and compliance?
In addition to initial training and testing, our collectors receive ongoing motivational and educational training from our experienced management team. Our managers also monitor collector calls on a daily basis.
What is the minimum balance you accept?
Is there a minimum number of accounts I have to send monthly?
Can you provide online access to accounts?
Yes, per account volume.
Do you have bilingual collectors on staff?
Yes, we have collectors that speak English and Spanish.