Collection Agencies and Credit Reporting

Fair Credit Reporting Act (FCRA)

A law that regulates credit-reporting processes.

2015 National Consumer Assistance Plan

An agreement that sets requirements for reporting medical debt on credit reports.

Fair and Accurate Credit Transaction Act (FACTA)

An amendment to FCRA that protects the privacy of credit report information.

Selecting a Collection Agency

Choosing a reputable agency with fair and ethical collection practices.

Reasons for Skip Tracing

Common reasons for skip tracing include when a patient has moved, forgotten about the bill, or is intentionally avoiding contact.

Comparison of Collection Agencies

Comparing collection rates and charges of Company A and Company B to determine the best choice.

Analyzing the Cost of a Collection Agency

Comparing the cost and efficiency of different collection agencies to determine the best choice.

Professional Skip-Tracing Assistance

Considering hiring a specialized external agency for skip tracing.

Types of Collection Agencies

Different types of collection agencies, including local, regional, and national agencies, each with their own advantages.

Collection agencies

External companies that specialize in collecting debts from difficult debtors.

Effective Skip-Tracing Calls

Making cautious and confidential phone calls based on skip-tracing results.

Tracing a Debtor

Methods to locate a debtor, including contacting the post office, searching directories, and using online resources.

Prematurely Sending Accounts to Collection Agency

Negative impact on the patient's willingness to pay.

NPP and Collections

Notice of Privacy Practices explaining when accounts are sent to an outside collector.

PHI

Protected health information that collection agencies are required to protect.

FDCPA

The Fair Debt Collection Practices Act, which provides guidelines that collection agencies must follow.

Skip Tracing

The process of locating a patient with an outstanding balance through additional methods of contact.

Collection Payments Posting

The process of processing and posting payments received from a collection agency.

Reasons to Send Accounts to Collection Agency

Unsuccessful attempts to contact a patient, patient refusal to pay, returned check, non-payment of established payment plan, withholding payment from insurance, outdated contact information.

Credit Reporting

Using credit reporting as a tool for debt collection.

Computerized Skip Tracing

Using online directories and databases for skip tracing.

When to Use a Collection Agency

When a practice's attempts to collect money owed by a debtor have been unsuccessful.