Frequently asked questions (general)

These questions address debt recovery strategies and the MaxCollect system. Also see additional FAQ topics via the navigation links above.

  1. Q: What happened to the old MoneyQuest website?
  2. Q: Why don’t collection agencies use lawyers and credit bureaus – like MaxCollect?
  3. Q: With MaxCollect, how quickly do I get my money returned to me?
  4. Q: Do you sell software, or services, or what?
  5. Q: What threats can a Collection Agency make regarding litigation or a credit bureau?
  1. Q: What happened to the old MoneyQuest website?
    2. A: This is the new MoneyQuest website. We think you’ll find it provides more and better information about MaxCollect and MoneyQuest.
  2. Q: Why don’t collection agencies use lawyers and credit bureaus – like MaxCollect?
    3. A: Some larger agencies do have Attorneys on staff, and yes, it does give them greater leverage. But most collection agencies are small. Since an Attorney gets so much of the contingency fees, most agencies are reluctant to turn to an Attorney until the eleventh hour. They don’t want to give up their shot at the 33-50% they regard as “their” slice of your money. They need to collect as much as possible, on every account they work, because their success rates are so low. So there is not usually enough money on the table for an agency to consider using an Attorney. Most agencies operate very close to the bone, and they just can’t afford to share fees.
  3. Q: With MaxCollect, how quickly do I get my money returned to me?
    4. A: Immediately! Your debtors pay all funds directly to you (or later, to your Attorney). MoneyQuest never touches your money. (Contrast this with agencies, who always get 100% of your money whenever it’s paid, and who then send you your share on their schedules. Agencies normally close out each month, and then 15 to 25 days later mail your check. So with an agency, the net effect is that you usually only get YOUR money until 45 or more days AFTER your customer has made a payment.)
  4. Q: Do you sell software, or services, or what?
    5. A: MoneyQuest helps YOU manage your accounts receivable and improve debt recovery. MoneyQuest is NOT a collection agency. Instead, you use our web-based services to load your account records and manage a logical, step-by-step recovery process. Your accounts remain YOUR accounts -- not ours. Your debtors never hear our name – contacts come from your or your Attorney, and funds return to you the same way. Think of MoneyQuest as an outsourced accounts receivable service.
  5. Q: What threats can a Collection Agency make regarding litigation or a credit bureau?
    6. A: A Creditor cannot ever threaten suit, regardless of whether it has a retained attorney or an attorney on staff. Attorneys can do that, once accounts have been sent to them. An agency can threaten to send an account to an attorney, but cannot threaten that either it or the attorney can sue.

    There is no legal restriction on creditors or collection agencies threatening to report someone to a credit bureau...BUT they MUST ACTUALLY do it. It cannot be an empty threat. Creditors who normally report people with debts of 4 figures but not debts of 3 figures cannot threaten those with 3 figure debt – even though they do report 4 figure debt. Creditors can only allege to do that which they in fact do, in the normal or usual course of doing business. Otherwise, they are violating FDCPA by making false or fraudulent statements.