Trivia Questions Quiz On Debt Collection Process And Practices!
Welcome to the Trivia Questions Quiz on Debt Collection Process and Practices! Businesses are unable always to have been known to sell to some customers on credit, and the services of a debt collector are called upon to ensure that the monies are collected. Take this quiz and get to sharpen your skills in credit collection.
- 1.
When a debtor indicates they want to pay but do not have funds today you should:
- A.
Ask for convenient time to call back to get a payment
- B.
Disregard the debtors statement and demand balance in full today
- C.
Ask for down payment today and the balance in post dates
- D.
Send an ADL letter, and stat sales/and client on refusal to pay
Correct Answer
C. Ask for down payment today and the balance in post datesExplanation
If the debtor is unable to pay the balance in full today due to a cash flow problem, get a good faith payment and secure the balance with a series of postdates tied to a source of funds.Rate this question:
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- 2.
Before agreeing to post-dated checks on an account you should:
- A.
Identify the source of funds for the checks
- B.
Tell the debtor there is an $8 fee for each check
- C.
Advise debtor to work out the plan and call you back to do the checks
- D.
Make sure the checks are dated for the EOM to ensure credit this month
Correct Answer
A. Identify the source of funds for the checksExplanation
Always identify a source of funds. If a plan needs to be worked out, do it then with the debtor on the phone. It is not good practice to date checks for EOM. Tie them to a source of funds. If the debtor needs to move the check, there is no room to keep it for that month.Rate this question:
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- 3.
If a debtor refuses to do post dates to pay the account you should:
- A.
Advise debtor this will be documented as a refusal to pay
- B.
Agree to not require post dates and get a strong commitment to pay at a certain time each month
- C.
Back away from the demand, reinforce the commitment to pay, and ask for post-dates again
- D.
Put the account in status 65 and ask your manager to call to get post dates
Correct Answer
C. Back away from the demand, reinforce the commitment to pay, and ask for post-dates againExplanation
If the debtor refuses post dates, you need to review his commitment to pay and secure that commitment with a series of post datesRate this question:
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- 4.
From CRS you can access and save information from an Accurint report.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Accurint information can be saved and retrieved from the O screen. To save it while in an Accurint report, select F6, then it will prompt 6)Other pages and select 6. The report will then be saved to the O screen for that account for your, your manager or any other collector to use.Rate this question:
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- 5.
Most "Rude and Unprofessional" violations are the result of:
- A.
The collector’s attitude on the call
- B.
The collector getting in the last word
- C.
A justified remark made in response to something a debtor said
- D.
The collector yelling and screaming throughout the call
Correct Answer
B. The collector getting in the last wordExplanation
While all of the above can be reasons for a Rude & Unprofessional violation, most are due to the collector getting in the last word.Rate this question:
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- 6.
Failure to give the MRD (Monitored or Recorded line Disclosure) is a violation because:
- A.
TSI may have violated privacy rights of the persons we spoke to
- B.
TSI has decided to “play it safe” and give everyone the MRD
- C.
Defending failure to give the MRD can be very expensive – as much as $5000 per violation
- D.
All of the above
Correct Answer
D. All of the aboveExplanation
All of the above are reasons why we should give the MRD. This a serious privacy violation that can result in substantial penalties and cost.Rate this question:
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- 7.
You can view when an account has been credit reported by hitting the
- A.
Shift/6 keys
- B.
Alt/6 keys
- C.
Shift/3 keys
- D.
Alt/3 keys
Correct Answer
C. Shift/3 keysExplanation
Shift/3 or #Rate this question:
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- 8.
Getting post dates are:
- A.
A waste of time.
- B.
A great way to start you month off with fee already in the house.
- C.
A way to work with debtors experiencing cash flow issues.
- D.
Both B & C
Correct Answer
D. Both B & CExplanation
Post dates give you a jump start in fees for the months ahead. When a debtor is lacking the ability to pay, but they have the intent, post dates demonstrate that intent.Rate this question:
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- 9.
In CRS, you can find additional phone information on:
- A.
The B screen
- B.
The F screen
- C.
The N screen
- D.
The P screen
- E.
None of the above
Correct Answer
B. The F screenExplanation
Lexis Nexis updates accounts on the F Screen with possible numbers, also if a number is removed from the account it will be there as well.Rate this question:
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- 10.
To clear a field such as an address, contact or phone number in CRS, you hit the "Esc" button twice
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
To clear a field such as an address, contact, or phone number in CRS, hitting the "Esc" button twice is the correct method. This action triggers the system to erase the existing information and leave the field blank.Rate this question:
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- 11.
RPC means
- A.
Royal Police of Canada
- B.
Real Pricey Computer
- C.
Right Party Contact
- D.
Right Person Called
Correct Answer
C. Right Party ContactExplanation
RPC stands for Right Party Contact. In the context of communication or customer service, Right Party Contact refers to successfully reaching the intended person or party with whom one needs to communicate. It ensures that the right individual or organization is contacted, avoiding any unnecessary delays or misunderstandings.Rate this question:
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- 12.
By pressing the "=" while on an account, you can filter by action code transactions, such as SN to show what letters were sent and when or CS to see when the status code was changed and when.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
By pressing the "=" while on an account, you can filter by action code transactions. This means that you can specify certain types of transactions to be displayed, such as SN to show letters that were sent and when they were sent, or CS to see when the status code was changed and when it was changed. This statement is true because pressing "=" allows for filtering by action code transactions.Rate this question:
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- 13.
In CRS from the "find by" menu, which option do you use to find a debtor by phone number or social security number?
- A.
Option 1
- B.
Option 2
- C.
Option 3
- D.
Option 4
Correct Answer
D. Option 4Explanation
Option 1 allows you to find by our master number. Option 2 by the debtor name. Option 3 by the client's account number and option 4 by phone number in the system or social security numberRate this question:
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- 14.
According to the TSI Letter Series Policy, how many letters can be sent on an account with a balance of $1,000?
- A.
None
- B.
1
- C.
2
- D.
3
- E.
As many as you want. There are no restrictions.
Correct Answer
C. 2Explanation
On a new account, $1500 or less, you can only send 2 letters. On a new account over $1500, you can send 3 letters. On drops, regardless of size, only 1 letterRate this question:
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- 15.
What is the correct way to have the contact name appear in the contact field of CRS?
- A.
There is no correct way, it doesn't matter.
- B.
A/P Department is fine
- C.
The name of the decision maker
- D.
Whatever quick notes you put there, as long as it fits, like "Offer SIF" or "Debtor is Rude"
Correct Answer
C. The name of the decision makerExplanation
What is in the contact field will appear in all correspondence in the "Dear_" field, so it should be 1st and last name of the decision-maker or principal. If "A/P DEPT" is in that field, the letter will appear as "Dear A/P DEPT,". If "DEBTOR IS RUDE" is in that field, the letter will appear as "Dear DEBTOR IS RUDE". Use the comment section to indicate the title, extension, guarantor or any other quick notes.Rate this question:
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- 16.
We recently had a change in 3rd party disclosure policy that now allows us to give the client name. When can we do that and it not be considered 3rd party disclosure?
- A.
Whenever we need to
- B.
Only if expressly asked by an individual at the debtor business we are calling
- C.
Only on the 3rd or later call
- D.
When leaving a message
- E.
Change? What change?
Correct Answer
B. Only if expressly asked by an individual at the debtor business we are callingExplanation
The change in policy allows us to give the client name only when asked by someone at the debtor company. We cannot divulge that this is open invoices or open accounts.Rate this question:
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- 17.
Collectors sending emails must CC their manager on all emails unless they are personal in nature. If they are personal, they must use the word personal in the subject line.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
It is ultimately the collector's responsibility to make sure their manager is CC'd on all emails. You cannot use "personal" in the subject line on a business email.Rate this question:
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- 18.
One of Santa's most famous reindeer is:
- A.
Frosty
- B.
Michael Stipe
- C.
Cupid
- D.
Rudolph
- E.
All of the above
Correct Answer
D. RudolpHExplanation
Frosty is a snowman. Michael Stipe just played one in "Olive The Other Reindeer". Cupid is one of Santa's lesser-known reindeers and tends to take up the rear. Rudolph is probably Santa's most famous reindeer.Rate this question:
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- 19.
Breaking through the screen is an effective way to get to the RPC.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Probing and breaking through the screen are ways to reach an elusive or busy debtor.Rate this question:
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- 20.
As a collector, you need to effectively manage your queue by properly dating your files. You can use your calendar in CRS to see how many accounts you have scheduled for each day to make sure you are not overloaded or build files for days you plan on being out. To view your calendar,
- A.
Hit the C key
- B.
From the "find by" menu, the B key will take to you to your calendar in real time
- C.
From the "options" menu, the B key will take to you to your calendar in real time
- D.
You have to get your calendar from your manager
- E.
Calendar? What calendar?
Correct Answer
B. From the "find by" menu, the B key will take to you to your calendar in real timeExplanation
You should check your calendar regularly to make sure that you are not loading up a particular day or placing files in days you won't be working like PTO days, Saturdays or Sundays.Rate this question:
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Current Version
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Mar 16, 2023Quiz Edited by
ProProfs Editorial Team -
Dec 18, 2009Quiz Created by
Jtklein