ACA International membership helps keep us current on all relevant laws and regulations.

Our A+ BBB rating is a testament to how we conduct business and treat consumers.

Friday, January 19, 2018

Debt Resolution

ACSI’s account processing, analytics, and prioritization services are customized to meet each client’s needs and evolve to continuously integrate innovation, regulatory changes, and ongoing client goals.

Once contact has been initiated with a consumer, conversations can begin to determine how consumers’ debts can be resolved. This dialogue is conducted with a professional, genuinely helpful and respectful posture and in a manner that elicits cooperation and focuses on debt resolution options. ACSI’s Recovery Agents are trained to collect on the debt types to which they are assigned. As such they have the background to knowledgeably converse with consumers, help them identify potential payment resources, and present them with the option(s) that best meet their needs. ACSI’s debt resolution services include:

  • Obtaining Payments - ACSI Recovery Agents always determine if the consumer has the means to pay in full on a debt first, unless a client prefers to use settlement as its collection strategy, before moving on to other payment resolution options. If consumers cannot pay their debts in full, Recovery Agents work with consumers to understand their financial situation and establish payment arrangements based on consumers’ financial ability to pay and clients’ pre-approved payment arrangement criteria. Specialty payment resolutions are pursued based on client-approved strategies and follow clients’ work standards. All payment resolutions are documented in ACSI’s collection system and incorporated into consumers’ account history files.
  • Financial Literacy Education and Assistance - ACSI has made a corporate commitment to help our clients and their consumers by offering free, online financial education assistance while we work with them to resolve their delinquent debts. It is our hope this additional suite of financial education modules — available online from Inceptia, a national provider of financial education programs and paid for by ACSI — will help them avoid future financial problems and assist our clients as they manage their accounts receivable portfolios. Consumers who communicate with ACSI will be provided an initial logon to access the financial education programs free of charge. These online, self-paced modules provide financial literacy training that includes:
    • Based on the U.S. Department of the Treasury’s Financial Literacy and Education Commission’s financial education core competencies, this program thoroughly covers the subjects consumers need to succeed financially.
    • Pre- and post- assessments not only help measure consumers’ progress, but they help consumers realize how much they’ve learned.
    • Consumers receive lessons from videos, practical application exercises, financial tools and articles. Interactive knowledge checks help them review their progress while learning.
    • The content is updated regularly to maintain the highest level of standards.
ACSI also provides Inceptia’s Agent Financial Awareness Program, the first of its kind in the industry, to all of our Recovery Agents. This robust program covers a wide spectrum of financial principles and is a training solution that gives our agents the crucial principles of personal finances to provide Recovery Agents with an additional service and knowledge they need to better assist consumers during their communications with them.

  • Follow-up and Regular Reviews - In addition to monthly correspondence reminders for those consumers in repayment, Recovery Agents’ daily routines include making calls to consumers who have missed payments, returning voice messages left by consumers, requesting additional letters be sent as next steps in the collection process, contacting consumers whose accounts require additional or authorized documentation, and monitoring consumers’ ability to increase their payment amounts. At ACSI, we view follow-up action as a key ingredient for helping consumers keep accounts in current payment status, maintaining good relationships with consumers, and ensuring all collection activity is performed in the order and in compliance with client and regulatory requirements.
  • Disputes and Administrative Resolutions - Consumers who dispute their debts can do so verbally, via written correspondence, or for credit-related issues electronically via e-OSCAR. When ACSI receives dispute notices, we halt all collection activity and investigate their validity. We also provide the documentation and recommendations to clients to accept or reject dispute claims that appear valid. ACSI also processes administrative resolutions that may be grounds for closing an account. If ACSI discovers consumers have filed for bankruptcy or are deceased, we obtain the applicable documentation and refer those accounts to our clients for review. This administrative process is applied to all accounts, regardless of debt type. For accounts that require debt-specific resolution, such as debts requiring forbearance due to military service, disability, fraud, etc., ACSI follows the prescribed resolution processes to research and resolve or resume collection activity.