K-LAK Corporation offers a Collections Service to property landlords. A collection account or paid collection account will remain on the file for a mandatory time of 7 years as required by the Fair Credit Reporting Act (FCRA).
The debtor will be instructed to make all payments payable to K-LAK Corporation. Under standard collection the percentage rate depends on the age of the account. Phone calls and letters will be made and sent to the debtors. There is no percentage charge for accounts that are not collected. Delinquent notification letters are sent to the debtor and all payments are made payable to the client. No phone calls are made under this option.