IC System Inc.- What You Must Know
IC System Inc. is a debt collection company that has been around for over 70 years and one of the largest company offering such services in the US. They are a big player in the industry and are efficient in carrying out their services to ensure their client’s satisfaction. IC System is privately owned and provides services for commercial, healthcare, government, education and industries among many others.
To get you more acquainted with the services they provide, let’s look at what a debt collection agency is. Also, we will see how they operate and how you can pay off your debt if they ever contact you.
Who is a debt collector and how the debt collection agency works
A debt collector is an agency that deals in the collection or recovery of money owed on delinquent accounts. Many companies opt for hiring a debt collection company to help them recover the money owed by the debtors. Usually, these debt collection agencies will help the companies for a percentage or a fee.
However, some debt collection companies are debt buyer; they buy the debt from the company at a small amount and then try to collect the full amount. IC System falls under this category of debt collector as they buy debts rather than work for the company. IC System purchases these bad debts from a company or business trying to cut their losses. Then they proceed to contact the debtors and try to recover the money back.
IC System has all the necessary tools and the latest technology needed to track the debtors and recover the debts. They provide first and third-party debt collection services to help business improve the indebtedness on delinquent accounts. IC System has well-rounded experience in all category of business that requires their services. They have it all, from providing top-notch services, reasonable rates to collection services.
What debt collectors do?
Generally, debt collectors opt for phone calls and letters to contact you regarding your debts. They try as much as they can to convince you of the money owed as well as make you pay it. In instances where the debt collector can’t reach using the contact information given by the original company, they use other means. These means include using different computer software or hiring a private investigator to help with the search.
After they have found you and the letters and calls have started coming in, some can carry out background search of your assets. Some debt collection agencies can take a step further to report your debt to the credit bureaus to encourage you to pay up your debt quickly. Delinquent debts can cause severe damage to your credit report and scores, and you don’t want that.
Debt collectors can only try to make you pay your debts. However, they can’t take the money from bank account unless a court ruled so in their favor. That is if they took you to court and won the case against you before the statute of limitation elapses. However, they are still limited in the ways they can use to collect the debt from you. They can decide to place liens on your properties, levies on your motor car or bank accounts. Sometimes debt collection agencies can force the sale of your assets to get their money back.
How IC System Works
IC System offers an array of debt collection services at an affordable rate that suits your business or company. They have a very friendly collection practice that ensures you not only get your money back, but the relationship with your customer will also still be maintained. Their services are delivered in a way that you get improved financial outcome of your business and customers too. Below is how the debt collection services work when your company chooses IC System.
First, you have to choose the right product for your company; and IC System offers the following products and services.
- Recovery Plus: this is the two-phase flat fee collection program that allows IC System to recover your debt while preserving the relationship between you and your customers. This is suitable for the collection of debts from customers who are in the early stage of the debt. They send a series of diplomatic letters stating the urgency to pay the debt to your customers.
- Premier Collect: this is the intensive contingency collection program and suitable for customers that are in the late stage of the debt. In this stage, the IC System approach becomes a bit intense although still maintaining professionalism. This stage includes making phone calls, reporting to the credit bureau, litigation options and attorney referral.
Other product options include:
- Credit listing.
- Settlement authority.
- Credit monitoring.
As you can see, IC Systems offers several flexible and effective debt recovery programs to fit whatever stage debt your customer fall under.
How to pay off your Debt with IC System
If you ever got contacted by IC System regarding a debt you owe, then it means they have acquired your debt from the original company. Below are some tips to help you interact better with them and clear your debt.
- Ensure you know your rights: although you are owing to the debt, they shouldn’t cross the line in trying to get you to pay.
- Ask for proof showing that the debt is yours and not someone else’s.
- If you indeed owe the debt, then try to negotiate with the IC system for a better deal. You may end up paying way less than what you originally owe.
- If you don’t have the time for doing the above yourself, you can hire a professional credit repair company to help you out.
On a final note, IC System is a debt recovery agency that has been in the industry for a long time. That means they have the necessary experience, resources and technology to ensure that they collect your debts for you. Moreover, if you are the debtor, you should know that you are dealing with a reputable debt collector.