When should I place a new account into collections?
The right time to place a new account into collections is relative to the actions you have take internally to collect. Once all reasonable actions are complete, accounts should be referred immediately. The longer an account sits with no additional effort, the likelihood of recovery is reduced significantly. Hunter Warfield finds that most problems occur when special cases are created for an account and you do not adhere to internal best practices. It is recommended to have an internal procedure in place to review and turn over delinquent accounts within 30 days.
What steps does Hunter Warfield take to collect on my accounts?
After placing a new account into collections, the account and documents will be reviewed by our New Accounts Management team to ensure accuracy. The account will then move into the collection system for a third-party data scrub. This includes identifying new contact information, as well as identifying bankruptcy and deceased consumers.
The next step in our process is to score the account. Account scoring allows us to maximize the return for our clients. All accounts will get an initial demand letter, and we will kick off a collection strategy best suited for that account. Uncollected accounts are then reported to the credit bureaus on a monthly basis, up until the statute of limitations. Unpaid accounts are also reviewed for potential legal action. Approved accounts will be sent to outside legal counsel, with the majority of our inventory assigned to a dialer and/or tax campaign for future efforts.
The collections process requires persistent effort over an extended period of time. The majority of consumers placed for collection were either unwilling or unable to pay at the time of placement. Although, many of our efforts are taken in the initial months of placement, some of the results are not realized until more time has passed. As a reminder, Hunter Warfield will only be compensated when we successfully recover your past due accounts.
How do I receive updates on the status of my accounts?
You can track your collection accounts in AppFolio Property Manager. The Debt Collections Status report is available in your database and includes data integrated from Hunter Warfield, including current account status, so you have the information on your accounts all in one place. The information is updated daily. Additionally, Hunter Warfield’s Client Services team can assist you with any additional account questions at (844) 440-2808 and clientservices@hunterwarfield.com.
Will I be notified when funds are collected?
Yes. Hunter Warfield sends payment notifications nightly, via email.
What recovery rate can I expect?
Recovery rates vary widely by portfolio, and can be influenced by many factors. These factors include creditworthiness of the tenant(s), accuracy of data and timeliness of submission. As a general rule, as the balance increases, the average rate of recovery decreases. Increasing balance for future rent or adding late penalties can often amplify disputes and create a roadblock to recovery.
You can find tips on how you can maximize recovery for your portfolio in the Training Videos and Additional Resources above.
Can I make changes to an account once it’s been turned over to collections?
Will Hunter Warfield receive updates made to the tenant ledger or tenant page after submitting to collections?
No. When you hit the “Turn Over to Collections” button on the New Collections Submission page in AppFolio Property Manager, the system automatically sends the full Tenant Ledger, as well as all of the Attachments and Letters saved on the Tenant page. This data and documentation is transmitted to Hunter Warfield at time of submission.
Hunter Warfield does not have access to your AppFolio Property Manager database outside of what is already included on the past Tenant page and is transmitted to them at time of submission. Any updates or additional information will need to be sent to clientservices@hunterwarfield.com.
What if the former tenant or co-signer contacts me to discuss the past due balance?
It is likely that a consumer will reach out to you once they learn their account has been placed with a collections agency. They may be trying to create a gap in communications between us. In order to remain compliant with the Fair Debt Collection Practices Act (FDCPA), it is recommended that you refrain from discussing the details of the account and instead direct them to contact us directly. Our contact information for a past tenant is listed on the collection letter they receive, or you can direct them to call (866) 494-9902, email payhwi@hunterwarfield.com, or use our online service https://payline.payhwi.com to resolve their debt.
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