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Frequently Asked Questions
Check here for Frequently Asked Questions. Contact Us if you don't find what you are looking for.

How does Cornerstone determine whether or not they can help me with collections?
Every business is unique, and finding the right solution to managing outstanding debt should be tailored to that situation. We like to meet with a potential client and analyze what type of debt they have, how and why it occurs, and how it is currently being tracked and managed. Then we look at realistic ways Cornerstone can help, identifying at what point in the billing cycle accounts would come, how they would be sent, how often and in what quantity they would be transmitted.


What are the factors involved in determining your contingency rate?
There are definite factors involved in determining contingency rates. The principal ones we look at are the average age and balance of accounts, the type of debt being collected, and the overall volume of accounts being submitted.
What type of information does Cornerstone need from me in order to list accounts?
First, the obvious priority is getting accounts to us as quickly as possible. The sooner you place your accounts for collection, the more quickly we’ll collect. Start with the most basic information that we need in order to start working for you—the last known address, the dates of service, the amounts charged and the date the debt(s) became due; which portion is principal and which is interest, if any; which portion is a late fee, if any; and a copy of the agreement that was provided to the customer that outlined the terms for charging interest and/or late fees.
Do you report to the credit bureau?
We report to the three major national credit bureaus: Experian, Trans Union and Equifax.
Do you sue accounts?
Our main goal is to collect accounts voluntarily. However, there are situations where a voluntary payment arrangement cannot be made. In those situations, we will consider legal action. We pursue this option only after we identify viable assets such as bank account, employment wages, Permanent Fund Dividend or surety bonds (for business debts). In addition, we research each account to make sure that the consumer doesn’t have prior outstanding judgments, garnishments, liens or writs that would make legal action ineffective.
Are some accounts too old to turn over for collections?
Absolutely. When an account is past due for over 365 days, you should ask yourself this question: By pursuing collections, will you be putting more time and money into a project where the odds of recovery are next to zero?
The older an account is, the more difficult it is to collect and the higher the likelihood of complaints. For this reason, Cornerstone recommends turning over accounts that are a year or less in age.
How do I stay informed with how you are handling my accounts?
Staying in contact with your collection partner is important because it’s the basis for a relationship built on accountability and trust. We have customer service representatives that you can speak with directly via phone or e-mail, specialized reports we can fax or mail to you, and an online site that you can use to remain updated with your accounts and recoveries. Another important component would be for you to maintain regular contact with us. In this way, we can work together to identify ways to improve your recoveries and even prevent some areas of bad debt from reoccurring in your accounts receivable cycle.
How often will I see recovery checks?
The frequency of recovery checks depends on both the client and the collection agency. Obviously, the better the agency working for you, the better your recovery will be. But what factors are solely within your control? Quite a few, actually. The factors directly related to recovery strength are debt type, the volume of accounts referred, the average age of the accounts, the type of information gathered prior to referral to us, and each client’s internal policies and procedures. The way you do business directly affects how well we collect for you.
What should we do if someone pays us instead of Cornerstone?
Payments can be taken at your discretion. We recommend you not take any payment arrangements, but only accept payment in full. Taking direct payments varies by client. Some clients prefer not to be involved in the collection process once they refer an account to us, and some opt to accept payments. By keeping the lines of communication open, Cornerstone can accommodate whichever method you prefer.

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