Pre-Collection Letters
Our Pre-Collection Letters are intended notify the member that if they do not resolve the past due account the credit union may refer the accounts to us in order to commence full collection activities. Most members are motivated to take action in order to avoid full collection. Our Pre-Collect Letters are a cost effective way to motivate of your members to bring the delinquent accounts current without having to place the account for full collections.
How it Works
Cypress Asset Recovery Service, LLC will send out a series of three letters to the delinquent members. Each letter specifically states that the delinquent member will need to bring their obligation current or contact the credit union in order to avoid further collection activity. Each letter in the series communicates an increasing sense of urgency than the previous letter sent.
Should the member contact you at any time during the pre-collection period and present a repayment plan that meets your expectations, you must immediately notify our office and the account will be closed.
If, after sending the final letter in the series and we have not been notified to cancel the account, Cypress Asset Recovery Service, LLC will send you an accounts acknowledgement informing you that the account has been moved to full collections. We will then commence our full collection efforts including skip tracing, collection letters and telephone contact. If you do not wish to commence full collection efforts, simply inform us and we will cancel and return the account back to you at no additional charge.
Our fee for this service is a flat rate of $25.00 for three letters