In a difficult economic environment, ConServe has found a way
to meet or exceed our expectations month after month.
Brian Hill, Carnegie Mellon
Full Collection Service
ConServe's success in recovering defaulted accounts pivot around our philosophy to develop win-win scenarios for both our Clients and the debtors. Our debt counselors are real time problem solvers, dedicated to helping borrowers find a solution that preserves a sense of control and individual self-esteem.
Comprehensive Work Plan
The following table illustrates ConServe's overall collection approach and key activities from the moment accounts are placed and over the entire life of the account while at ConServe.
| Time Table | Action | Activities | Owner | Results |
|---|---|---|---|---|
| Day 1 | Placement of Accounts | Complete Placement of Accounts | University | ConServe receives accounts to be placed for collections. |
| Analysis of Accounts | Scrub & Score Accounts | ConServe | ConServe scrubs for bankruptcy and deceased accounts and "scores" the accounts based on several borrower criteria. | |
| Assignment of Accounts | Distribute Accounts to Dedicated Collection Departments | ConServe | Accounts are allocated to separate dedicated departments based on Perkins Primary and Reassign and Tuition Primary and Reassign. | |
| Day 2 | Initial Collection Activities |
Initial Notice Sent | ConServe |
Accounts are contacted via both letter and phone calls and the full collection process officially commences. |
| Level I Skip tracing | ||||
| First Contact Attempts | ||||
| Life of Account | Recurring Collection Activities |
Subsequent Attempts | ConServe |
Each Account is queued and scheduled for recurring contact activity. |
| Level II & III Skip tracing | ||||
| Daily Monitoring | ||||
| Account Updates | ||||
| Dispute Management | ||||
| Life of Account | Performance Management |
Review Established Performance Expectations | ConServe | Monthly Management Review of ConServe Performance against Client Expectations. |
| Distribute Monthly Client Performance Dashboard Reports | ConServe | Review Quantitative Performance Results. | ||
| Implement Quarterly Client Report Card | ConServe | Review Qualitative Performance Results. |
Cohort Management
Cohort accounts are marked with a special designation in our collection software, enabling our trained debt counselors to react quickly and carefully to cure these accounts. Our Managers and Debt Counselors understand the value of Cohort accounts. Each Cohort account receives dedicated individual treatment through customized collection campaigns. Special Cohort reporting is available on our 24/7 secure web portal.
Litigation
When an account is eligible for legal action, ConServe's Litigation Department utilizes a national network of attorneys to take the next step in debt recovery. ConServe has business relationships with law firms associated with the Commercial Law League of American (CLLA) and the National Association of Retail Collection Attorneys (NARCA). ConServe's Litigation Department manages the entire litigation process for our Clients based on their requirements.
