CREDIFAX's Pre-Collection Debt Resolution System is a unique letter service specifically designed to augment your internal collection process, giving you the clout of a collection agency without the cost associated with third party collections. The standard program includes up to three letters issued to your customer, directing them to remit the balance due directly to you. Each successive letter is a progressively stronger demand for payment, creating a heightened sense of urgency. In addition to increasing cash flow, the system reduces delinquency and re-educates your customer on acceptable payment practices. Contact a CREDIFAX representative or e-mail us at info@credifax.on.ca for more information about this service.

ABOUT THE SERVICE: IT IS EASY TO ADMINISTER ALL PAYMENTS ARE MADE DIRECTLY TO YOU WE ISSUE UP TO 3 DEMAND LETTERS ON YOUR BEHALF USE IT TO AUGMENT INTERNAL COLLECTION PROCEDURES THE SERVICE HAS A LOW FIXED PRICE PER ACCOUNT THERE ARE NO COMMISSIONS TO PAY

THE PROGRAM WILL: REDUCE YOUR DSO REDUCE BAD DEBTS REHABILITATE DELINQUENT CUSTOMERS IMPROVE INTERNAL COLLECTION PERFORMANCE INCREASE CASH FLOW FROM ACCOUNTS RECEIVABLE RE-EDUCATE CUSTOMERS ON EXPECTED PAYMENT PRACTICES MAINTAIN CUSTOMER GOODWILL - NO PHONE CALLS FROM A COLLECTOR

• Each letter set provides for up to 3 pre-collection letters to be issued per account at specified intervals. Custom letters are available upon request.
• At a cost of only $25.00 or less per account, the service is an extremely cost effective method to increase payment performance and reduce bad debts. A CREDIFAX representative can provide additional details for volume discounts and electronic solutions.
• Simply provide CREDIFAX with the details of the debt (by mail, fax, e-mail or e-list) and we will do the rest. A copy of the customer's statement or invoice will generally contain all the information that we will require.
• Upon receipt of your request, CREDIFAX will generate up to three demand letters, if required.
• The letters instruct the debtors to pay the money directly to you.
• The letters advise your debtors that the delinquent status of their account will be reported to both Equifax and TransUnion, if the account is not paid in full.
• Once payment is received or a suitable arrangement is made, simply inform CREDIFAX to prevent further letters from being issued.
• When the 3 letters are exhausted, a representative will call you to determine if the account is settled or if you wish to continue with our full collection service.

• Fax, mail, email or eList (Web assignment) your request to CREDIFAX.
• 1st notice is sent to the individual or company within 24 hours. It is important that you notify us when you receive payment (by phone, fax or e-mail) to prevent further letters from being issued to your customer.
• If we do not hear from your office, a 2nd and, if necessary, a 3rd notice will be mailed at 10-day intervals.
• If the program goes to completion, a CREDIFAX representative will contact you 10 days after the 3rd notice is mailed, to determine how you wish to proceed.
• At this time you have the option to place the account in “full” collection (live collector contact), at standard commission rates.
• Once the account is assigned for “full” collection, Equifax and TransUnion are notified of the delinquent account assignment and this derogatory information will remain on the debtor's credit file for the next 6 years.
• If any letter is returned as undeliverable, a CREDIFAX representative will contact you immediately to determine if you wish to assign the account for “full” collection.