What if I already have agencies that my school is using?

Key 2 has become one of the fastest-growing collection agencies in the nation for many reasons, but chiefly among them is our ability to collect latent revenue from accounts labeled “uncollectable” by other companies. Starting shortly after the 2008 recession, we understand the importance of every dollar recovered, and we leave nothing on the table. Our success on extremely aged accounts is unequaled. With that said, we are not looking to shake up your collection process if you’re happy with your current agencies’ performance and customer service. Our flexibility allows us to be “plugged in” to any part of your process that could benefit from supplementation. We differ from our competition in the way we collect, skip-trace, and manage your entire portfolio. Everywhere we go, we see significant latent revenue trapped in the oldest accounts already tried by other agencies, and we have the tools to unlock it. With no upfront or per-account cost, having us work behind your current agencies is nothing but a WIN-WIN. I encourage you to embrace the “what-if” possibilities of getting Key 2 involved.

How can I be assured that my students will be treated properly and professionally?

How an agency interacts with and services the former students who owe their universities plays a huge role in the reputation and success of a higher education collection agency. If a borrower has a negative experience with an agency, the odds are high that she will share that experience with the Better Business Bureau, the Consumer Financial Protection Bureau, or her former institution. When that happens, it reflects poorly, not only on the collection agency but also on the school. To avoid that, we believe in treating every debtor with the same respect any one of our employees would hope to receive in his or her situation. While some agencies look at these accounts as simply dollars to collect, we understand that these former students are important stakeholders for our clients as returning students, alumni, references for future students, and future donors. We take the responsibility of representing your institution seriously, and it is our utmost desire that our Recovery Specialists treat your students with the same respect they received at your institution. We understand that being sent to collections can be an intimidating experience, particularly for young adults who might be in collections for the first time in their life. Therefore, we rigorously train our employees to make the collections process as easy as possible for those we assist. We expect our representatives to go beyond simply adhering to the FDCPA and other relevant regulations and provide truly outstanding service to each and every person to whom they speak, working with them to create a payment plan that recovers the college’s funds as quickly as possible.

What data do I need to send you?

We know that the school might not have exhaustive information for every borrower, but having as much information as possible is crucial for our recovery efforts. At minimum, we request to be provided with:

  • Social Security Number
  • Separation/Delinquency Date
  • Student ID numbers
  • Total primary balance
  • Last known telephone number and address

Other information may include:

  • Date of Birth
  • Last Statement Date
  • Last Payment Date
  • Last Payment Amount
  • Any other information you may have about the student
How do your fees work?

Key 2 provides its service only on a contingency fee basis. That means that there is no cost to the school up front, and we only get paid if we collect money for your school. We then take a percentage of every dollar we collect on your behalf. The percentage commission is probably similar to or likely even lower than what you are paying with your current agencies. This creates a no-risk opportunity to allow us to show you the financial impact we can make for your institution.

How do you communicate with us?

From the beginning, our focus has been to become the most flexible, customer service-oriented agency in the receivables industry. We specialize in providing personal and diligent service to universities that other firms have underserved. Our Client Support Specialists are employed specifically to ensure that our clients’ interactions with our company go beyond any other level of service in the industry. Should you have a question, concern, inquiry, or any other need, they will be at the desk, ready to respond.  Our owners are also always available for a phone call to discuss any concern or question the University might have. Additionally, Key 2 has over 80 different reports available to suit our clients’ needs. Key 2 offers its clients the ability to customize any of the standard reports or create any ad hoc report the university desires, and we deliver them in any electronic format (or paper) you like, through any mechanism you like (i.e., FTP, email), and under any schedule you require. At any time, a total client inventory report can be generated showing every field of data resident on our system for every account ever placed by the college.

How do I send accounts to your agency?

Acceptable formats for placement:

  • Excel worksheets
  • Tab or comma-delimited files
  • PDF
  • Word documents
  • Hard-copy placements
  • Billing Services Files

For simplicity, our clients primarily use our secure online web portal to place accounts. Merely click the Place Accounts button on our website There is no login information required; just upload your file, fill out a few pieces of information, and we’ll have your accounts ready to work within 24 hours. Files may also be sent via a secure FTP site, email, or a secure zip file if preferred.

What are your typical recovery rates?

There are so many variables between portfolios sent to us by our clients, including the age of the accounts, account type, and referral type, that it is difficult to gauge an agency’s performance solely by one metric. Feel free to contact us, however, and we will be happy to discuss estimated recovery performance for your distinct student account portfolio.