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Many of our previous website visitors have contacted us with questions about ECIE. If you do not find the answer to your question here please contact us via e-mail or telephone.
ARE THERE ANY UP-FRONT CHARGES WHEN I PLACE AN ACCOUNT FOR COLLECTION WITH ECIE/COFACE?
The short answer is NO. We operate on a contingency basis. This means that we bear the expense for recovery and when we collect we are compensated based on an agreed upon rate. If no monies are recovered for you there is no charge for our services. You pay only for results, not for our efforts!
WHAT INFORMATION IS NEEDED TO PLACE AN ACCOUNT FOR COLLECTION WITH ECIE/COFACE?
There are five basic pieces of information necessary to place an account for collection with us. They are: 1) Debtor name, 2) Debtor address, 3) Debtor telephone number, 4) Date of last sales, and 5) Total amount of the debt to be collected. With this information our investigators can begin their collection effort. It is important that you provide us with copies of all back-up information that you have on the debt within (24) hours of the placement. This information can be transmitted by fax, e-mail, or overnight delivery. Source document information is extremely valuable in the initial stages of the collection process.
DOES ECIE/COFACE COLLECT INTERNATIONALLY?
Yes. In fact, because of our global presence through our alliance with Coface, we have the largest in-house international collection network in the world. Coface, has offices in 60 countries, and has developed partnerships that extend the number of countries it serves to 93. To give you an idea of Coface’s strength and size in the field of receivables management and protection, Coface tracks 50 million companies in over 200 countries, insures billions of dollars of receivables at any given time, and has 60 years of experience collecting cross-border debts for its clients. With these resources, Coface can reach out to a debtor with an effective collection effort anywhere in the world.
DOES YOUR COMPANY USE PRIVATE INVESTIGATORS?
Coface has always used private investigators. They operate through a nationwide network of over 10,000 credit-trained, qualified private investigators. According to balanced parameters, they will send these investigators out to make personal visits to your debtor company for the purpose of gathering onsite financial information as well as affecting a face-to-face debt recovery attempt. Just imagine the impact on the company that owes you when one of our investigators steps into their office. And as with most of the collection process, this service is included in our contingency rate. In addition to the private investigator network Coface also have investigators on staff in their offices. They assist our collectors with skip tracing and financial research prior to the collection call.
DOES COFACE USE ATTORNEYS FOR COLLECTIONS?
While Coface’s mainline collection staff consistently achieves one of the highest collection rates in the industry, there are some accounts that need the services of an attorney. Coface uses a nationwide network of collection attorneys. This allows us to bring legal action in the jurisdiction of the debtor company. We include this service in our contingency rate. We only ask you to forward the court cost. In addition to this, Coface maintains a full time legal forwarding department. It is the responsibility of this department to make a financial assessment of your debtor company and then forward a recommendation to you as to whether or not there is a reason to pursue the debtor company in court.
WHAT IF I HAVE A DEBTOR THAT I WANT TO REHABILITATE INSTEAD OF ALIENATE? CAN ECIE/COFACE HELP ME WITH THIS?
We pride ourselves on being able to assist your company with a collection process that fits your every need. We have four different levels of collection intensity. For the clients that just need a gentle nudging in the right direction we have what we call the “Audit Approach”. In this approach we move your client back into your credit terms and return that client back to you ready to play by your rules. We offer collections methods that go from “nice to nuclear”. You also have the ability to decide the method of collection we use on each account you place with us for collection depending on the case.
CAN ECIE/COFACE PROVIDE MY COMPANY WITH “DUE DILIGENCE” INVESTIGATIONS ON COMPANIES AND PRINCIPAL’S WE ARE CONSIDERING FOR CREDIT?
Yes, in today’s world investing in unknown businesses and individuals can end in a huge loss for your company. In business today knowledge is power. We can provide reports that are designed to meet even the toughest of internal standards. For pricing information on these reports contact us. This service is offered as part of a policyholders credit insurance program.
WHAT KIND OF COMPANY IS COFACE?
Coface’s mission is to help companies manage, protect and finance their accounts receivable. Coface does this through its four product lines: trade receivables insurance, credit information and corporate ratings, receivables management and factoring. Serving over 100,000 clients, Coface has a direct presence in 60 countries and can provide services in 93 countries via its partner network. Coface was founded in 1946 and is a subsidiary of Natixis whose share capital (Tier 1) was 11.2 billion euros at the end of 2006. CCNA is rated Aa3 by Moody’s, AA by Fitch and AA- by Standard & Poor’s.
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