Debt Collections for Financial Institutions
A Collection Agency for Banks and Financial Institutions
Your financial institution is in the business of lending money, and no matter the state of the economy, delinquencies will occur. Whether you lend mortgages, issue credit cards, or give loans, some of your consumers will miss payments. To improve your financial outcomes, you need a financial institution debt collection company experienced in debt recovery for banks and credit unions. But your collection partner should do more than just collect on your behalf; they should also protect your consumers with friendly interactions and ironclad information security.
IC System has decades of experience in debt collections for financial institutions with both consumer and commercial debt on PreCollect, Primary, Secondary, and Tertiary inventories. Our experience means we know how to tailor our accounts receivable management solutions to meet your specific needs through friendly collection practices, state-of-the-art technology, and the sense of regulatory security and compliance your business needs.
Financial Debt Recovery Services & Options
Whether you are a major bank, credit union, an accountancy firm, or other financial institution, you will need accounts receivable recovery services. Our team can function as an extension of your call center or in-house efforts. Your past-due accounts will be resolved with a consumer-friendly approach, ensuring that your reputation remains intact. Learn more below and get started.
With IC System’s tools and resources, your financial institution can:
- Send debts automatically
- Clean-up treatment strategy that revives inactive accounts
- Cut down on time-wasting processes
- Earn more from optional late-stage credit monitoring to stay up to date on probable ability to pay
Top Security Standards
Keep your sensitive consumer data protected with our comprehensive security network and highly regimented compliance protocols. Learn more about IC SYstem’s security certifications.
- Soc 2 Type II Certification: Our infrastructure’s hardware, software, personnel, and data handling procedures meet the security standards of the Service Organization Control (SOC) 2 Type II audit.
- PCI DSS 3.2 Annual Certification: Many collection agencies conduct the Payment Card Industry (PCI) Data Security Standard (DSS) self-assessment, and just for the portion of their network processing credit cards (version 1). IC System completed the more stringent and externally audited PCI DSS 3.2 Report on Compliance (RoC) for the best results.
- S2SCORE: Our security auditing firm, SecurityStudio, set our S2SCORE (formerly FISAScore) at786.07, which translates to “Excellent” on their scale out of 850.
Recovery Plans Tailored to Your Needs
Financial institution collections require a special approach. A collection agency plays an essential role in your budget, but your organization’s good name is at stake with every collection call. IC System recovers more revenue because we have a consumer-friendly approach that results in fewer complaints.
Find the financial institution debt collection services you need with our two most popular plans below. Or reach out to our dedicated team for one our custom solutions that have helped banks, credit unions, accountants, and other businesses recover more revenue.
Get paid fast by using Recovery Plus, the most effective collection plan from IC System. Our consumer-friendly collection efforts will clean up your accounts receivable and maintain healthy dialogue with consumers.
On average, clients see a return of $30 for every $1 invested!†
You keep 100% of recovered money during the initial letters-only phase, where we charge a low as $10.95 per account. In the secondary collection phase, you pay a competitive flat rate for debt collection costs—and we charge half the industry average because our letter method is so successful!
- Dynamic plans allow you to customize the number and frequency of letters
- Optional credit reporting to major bureaus
- Optional credit monitoring to increase recoveries on older accounts
†Collection data based on average results of IC System clients using Recovery Plus product. Individual results are not guaranteed and may vary.Pricing & Program Overview
Premier Collect is a contingency collections plan ideal for offices seeking payment on past due accounts. The collection agency fees for this debt recovery program are contingency-based and adjustable based on your business needs.
- Optional credit reporting to the major bureaus
- Optional credit monitoring to notify us of an important change in the consumer’s credit status that may indicate an ability to pay
- Optional attorney referral services in which payment demand contacts are made by an independent attorney
- Optional litigation referral services if you decide to take a consumer to court
“One of the best things I like about IC System is the collection format form. They make the process to fill out the form so simple! Thanks, IC System!”Lori | All Smiles Dentistry
“We are so pleased with your collections for our practice. You are really working our accounts for us. The past companies we used hardly did anything for us. We highly recommend your company.”Peggy
“I appreciate the online tools provided for immediate access to account information and the helpful staff that assists me when I call IC System.”Chrissy
Unsure Where to Start?
Your financial institution has a reputation to preserve, and we work to preserve your good name. Your consumers will receive empathetic and respectful collection efforts with IC System. Our approach will result in higher recoveries and fewer complaints.
Accredited and A+ Rated by the Better Business Bureau, we have a proven record of consumer satisfaction: On every call, we ask consumers to take a survey and rate their experience. Over 99% of consumers feel they have been treated professionally. Learn how IC System listens to consumer feedback to ensure professionalism and satisfaction on every call.
IC System also has the size and experience to meet your needs with our advanced tools and innovative technologies, but we can also move fast and craft tailor-made solutions for you. Our financial institution profit recovery services also feature several effective services and options, including online tools, credit reporting, non-litigation and litigation attorney referrals.Let Us Help
Experience in Any Industry
Banks, credit unions, and other financial institutions benefit from IC System’s vast experience in every industry segment. Our customized strategy applies advanced analytics to develop an approach best suited to your accounts, no matter your size or how many accounts you have. IC System ensures you receive intelligent and effective work effort for the best results. Experience the IC System difference today.Industries We Serve
Competitive Pricing for Every Business
Our economical rates and customer-friendly approach make our debt collection services not only a powerful tool but also an effective way to help preserve your valuable customer relationships.
Your comprehensive pricing request will include the following:
- No cost pricing quote for your IC System services
- Materials to help streamline your accounts receivable
- A sample IC System agreement
- Establish a follow-up plan
Get In Touch
Not sure where to start? Looking to procure collection services for your request for proposal (RFP)? Fill out our form or call 1-800-279-3511 to learn more or request pricing.