What Every Creditor Must Know About Their Unpaid Judgments
80% of judgments go unpaid. The reality is that network attorneys are experts in obtaining judgments, not in getting them paid.
Compliance Risks in Unpaid Judgments
The older a judgment gets, the higher likely it is to be a significant compliance risk. Law firms must verify judgment data accuracy for CFPB compliance before they can even attempt to collect on it.
Unfortunately, for most firms, the cost of judgment data compliance audits outweighs the returns they would get on legal fees.
This leaves creditors with a two-pronged problem – missed collections revenue and increased compliance risk.
A Solution to Creditors’ Unpaid Judgment Woes
Creditors must segment legal collections separately from other legal accounts. This is especially true for older judgments that have not been collected on.
Legal network managers can use this as part of their existing firm consolidation efforts. Instead of keeping assorted judgments scattered across the firms that obtained them, network managers can consolidate their nation-wide judgment inventory with just one multi-state firm.
Eltman Law is a national collection firm that pioneered the unpaid judgment collections & compliance niche.
Statistics show that we collect up to 3 times as much as network attorneys in the unpaid judgment segment. We are able to invest our own resources into our client’s judgment data compliance because we are confident that our collections revenue will support the cost of our compliance audit.
This means more collections and less compliance risk for our clients.
Call (212) 660-3164 and give us an executive summary of your judgment inventory. We’ll give you the next steps.