While we customize our collections strategy to each individual customer, the following is a breakdown of the basic collections process.
Account Placed With LCS
When a lender or creditor doesn't receive payment for a specific period of time, they may choose to send the past-due account to a collection agency, such as Landmark Collection Services. When this happens, we will start by sending the debtor a letter notifying them that we are now servicing their debt in place of the original creditor, and explaining their rights as a consumer.
Next, LCS will gather detailed information on the debtor through a process called skip tracing. We have access to proprietary skip tracing tools that allow us to find a debtor's current contact information, as well as any assets they may have. We are able to track them down even if they have moved, changed phone numbers, or are otherwise attempting to hide from collection attempts.
Demand For Payment
Once we have all the information we need, we will begin calling the debtor to make a demand for payment. Our collection experts will work with the debtor to find a way to settle their outstanding debt. At LCS, we believe in being firm, but fair. We want to find a way to get the debt paid, but we also understand that debtors are people too, often who have fallen on difficult times financially. In many cases, debtors are also customers of the original creditor, who relies on their repeat business. Our collection experts are trained to be negotiators, but also to be compassionate and understanding.
Obtaining A Judgment
Sometimes, for one reason or another, a debtor may refuse to pay, even though they have the ability pay it. These accounts are sent to our legal team, who will determine whether or not the account is worthy of litigation. If our attorneys advise that a lawsuit is necessary, we will seek to obtain a judgment against the debtor. Our attorneys have decades of experience practicing law specifically in the civil litigation, and are well versed in all of the laws and regulations governing the debt collection industry.
Once a judgment has been obtained, or if the original creditor already has a judgment, our legal team will determine the best course of action, depending on asset information that was uncovered during skip tracing. When it comes to enforcing a judgment, we have numerous tools at our disposal, including but not limited to: bank levies, wage garnishments, attachments of real property, till-taps, and orders of examination. The judgment will continue to be enforced, through multiple avenues if necessary, until the balance of the debt is paid in full.