Frequently Asked Questions & Answers

 

How long has your company been in existence?
Global Collections Corporation, a Delaware corporation doing business as Global Creditors Network (“GCN”) was incorporated in 2004 in order to effect an asset purchase of Global Attorneys Network, Inc., successor corporation of The Credit Institute, which was incorporated in 1982.

 

How many years has the company been involved with receivables management?
GCN, a law center and commercial agency, has been involved exclusively in receivables management since its inception in 2004. As alluded to above, however, GCN was formed by Isaac Cohen, a licensed, practicing California attorney, in order to undertake an asset purchase of Global Attorney’s Network, Inc. (“GAN”) which had been in the receivables management field since the establishment of its predecessor corporation in 1982.
By forming GCN, Mr. Cohen was able to purchase GAN’s accounts, customer list, the trade name “Global Creditors Network” and keep GAN’s key employees. Through the asset purchase of GAN, GCN was able to effect a seamless transition whereby the clients’ interests were preserved and the ability for GCN to take over the day to day operations from the predecessor company as an efficient, profitable commercial collection agency was accomplished with hardly missing a beat. GCN’s founder and CEO, Isaac Cohen, is a member in good standing of the State Bar of California and has been practicing creditor’s rights law for over eighteen years since his admission to the Bar in 1991.

 

Have you undergone any mergers, acquisitions and/or name changes that your company has undergone in the last five years?
GCN has not changed its name in the past five years. It is, however, in negotiations with other commercial collection agencies for the acquisition of their data and customer bases but is precluded from further disclosure by virtue of mutual Non Disclosure Agreements.

 

How many offices do you maintain?
GCN collects nationwide from its centralized operations center in Irvine, California. This provides us with strong managerial control, and centralized training facilities. In addition, it enables us to deploy our exclusive “G5” collections system that matches accounts with the most appropriate collectors on the team. GCN also manages its extensive network of over 80 creditor’s rights law firms, field collectors and private investigators in different cities throughout every state in the country.

 

What types of bad debt accounts do you collect?
GCN is a business-to-business, commercial agency. Consumer accounts account for less than 2% of the total receivables placed for collection. The primary industries in which GCN concentrates its recovery efforts are media, finance, staffing and transportation.

 

Is your company licensed to provide collection activity in all states and municipalities in which licenses are required?
GCN is currently licensed in all states requiring a license in which it conducts commercial collections. For those states that do not require a license, GCN is either admitted as a foreign corporation or has obtained authority to transact business in the host state. GCN shall maintain proper licensing status in all states in which it shall conduct collection activities on behalf of our clients.

 

Has GCN ever had its licenses revoked, suspended or denied?
No.

 

Has GCN now or ever in the past been investigated by a state or federal regulatory commission for violations of a debtor’s rights?
No.

 

Can GCN currently accept reports of payments made to the client using EDI, Excel, csv file or other methods to post payments in its system electronically? Can you do the same with adjustments?
We currently download our files via EDI using comma separated ASCII. We can customize our system to table format for Excel. GCN has a very capable in-house programming team to assist in implementation and any ongoing issues, including adjustments.

 

How long does it take to set up and receive electronic data?
Our knowledge base is such that we can reasonably project 2 – 3 weeks to build and test a completely customized, client specific file. Standardized file exports can be implemented immediately.
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