How to get the most out of your accounts receivable
The more information you have about what is owed to you and the person who owes it, the more your accounts will be worth.
Things to get together:
(1) An Excel sheet listing each debt. This should have as much information such as the persons name, address, phone number, email address, Date of origin of the debt, date of last payment, date charged off, the balance at charge off and any other information that will be helpful in contacting and collecting the debt. The initial file we review can have personal information such as the street address, last name, and SSN Masked, by simply putting a YES or NO in the columns where that information is available or not.
(2) Paperwork or PDF files. These should include any contract, or admission form, any payments that were made, a last statement you sent to the person who owes you money. Many types of accounts, like deficiency balance auto, will require much more documentation to validate the debts. Initially one or two samples will be needed for us to review the files, You will have up to 30 days to assemble the rest once the deal closes.
(3) Account history. What has been done to collect the accounts, from internal only collection attempts, to collection agency and/or collection attorneys.