NSITE DOCUMENT
Collections RFP addendum 1.pdf
- Library: Purchissues
- Year Created: 2021
- File Type: PDF
The document is an addendum to a solicitation for Collection and Credit Reporting Services. It includes corrections to the Request for Proposal (RFP) such as a change in the submission deadline. The Q&A section addresses various questions about the current vendor, accounts, payment rates, historical recovery percentage, collection processes, and vendor selection criteria. It clarifies that the current vendor is Financial Credit Network, the City is looking to select one vendor, and accounts are submitted monthly with an average of 65 accounts per month. The document also mentions that the current vendor is compensated on a contingency fee basis and provides details on payment rates and historical recovery percentage. Additionally, it outlines the collection attempts performed internally before placement, late fees or penalties applied, and reporting of direct payments made to the City. The City is open to virtual meetings and assures that backup information on accounts will be available if needed.