Can Partners add collection fees to consumer accounts?
Due to current trends, Partners Financial Services, Inc. strongly suggests against the addition of collection fees to a balanced placed for collections. If you would like Partners to add collection fees, our maximum addition is 25% of the balance placed for collections, unless a lesser percentage or dollar amount is specified by applicable statute – Partners Financial Services, Inc. will default to whichever is lower. Due to the complexities of individual state collection fee requirements and restrictions, Partners Financial Services, Inc. reserves the right to remove or not add collection fees to an account based on ethical business practices and potential harm to the consumer. *
Can Partners report delinquent accounts to a consumer’s credit report?
Partners Financial Services, Inc. is a data furnisher as defined by the FCRA, and is able to provide their clients with credit reporting as a service within their Debt Collection, Loan Servicing, and Billing Solutions. Partners Financial Services, Inc. does require specific account information to be placed in order for an account or client to qualify for credit reporting services. ***
What is a dispute, and why does Partners request further information from our office?
Consumers will often dispute the validity of a debt placed for collections. As a Collection Agency under the FDCPA, and a Data Furnisher under the FCRA, we are required to “validate” both written and verbal consumer disputes and accurately report disputed accounts to consumers’ credit reports. This process includes updating a consumer’s credit report as disputed, requesting verification and validation documents from our clients, completing a “reasonable investigation” into the validity of the debt, and sending validation paperwork to the consumer regarding the dispute. As a client, you are required to participate in the debt validation process by providing us verification that the debt is valid and validation documents showing how and why the debt was incurred.
Can Partners offer settlements on accounts placed for collections?
Partners Financial Services, Inc. will only offer settlements on accounts placed for collections if settlement authorization is outlined within our business agreement with our clients. We highly recommend that clients consider all reasonable settlement offers made towards an account balance. Our negotiators are highly trained in the art of negotiation and always work to provide the most recovery for our clients.
Does Partners have an attorney network for post-collections?
Partners Financial Services, Inc. is a full service debt collector and loan servicer, and can provide clients with access to our National Attorney Network for post-collection solutions. Your Recovery Consultant will help you determine the best post-collection practices for your portfolio. *
What day does Partners remit to its clients?
Partners Financial Services, Inc. remits to its clients on the 15th of each month. Remitting on the 15th of each month allows for Partners to account for 14 days of return checks and declines after the previous month’s end date, which results in less returns directly effecting clients after money has been remitted. As part of our green initiative, and to ensure remittances are received by the 15th, all client remittances are direct deposit wire transfers. **
What is the minimum balance I can place for collections?
Partners Financial Services, Inc. accepts all business above $50.00 on approved portfolios, and can offer credit reporting services on portfolios that meet the minimum balance requirement of $250.00.
What file format does Partners Financial Services accept for new business placements?
Partners Financial Services, Inc. accepts new placements in .csv, .xls, and .xlsx. Your Credit Recovery Consultant can provide you with an approved .xls file for placement, or Partners can accept any .csv, .xls, or .xlsx that includes the minimum information requirements needed for new account placement.
What information is required to place an account for debt collections?
Partners Financial Services, Inc.’s minimum placement requirements are first name, last name, date of birth, last known address (street, city, state, zip), last know telephone number, amount due, date of delinquency, and interest rate (if applicable). To aid in collections and increase recovery, we suggest that all clients also provide social security number, all known telephone numbers, email addresses, spouse information, employer information, and references provided by the consumer. Even though the information required to place an account for collections is minimal, all clients must be able to provide all information required for the dispute validation process.
* = Limitations by applicable statute and Partners Financial Services, Inc. policy.
** = Depending if date falls on a holiday or weekend.
*** = Minimum balance requirements must be met for this service.