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FAQs – Debt Collection

Frequently Asked Questions from Business Clients

  • Can anyone be a member of CINCB?
  • What are the benefits of using a Debt Collection Service?
  • Do I need to turn all my delinquent accounts over to CINCB once I become a member?
  • When should I turn my delinquent accounts over to CINCB?
  • Should I turn my delinquent accounts over to CINCB that are 2 or 3 years old or older?
  • What is the minimum dollar value of debt CINCB will accept?
  • What is the success rate of CINCB’s collection service and how quickly can I expect to get my account collected through CINCB?
  • We currently write-off debts that are older than XX months. Should we still list those debts with CINCB?
  • We currently write-off debts of persons who have left the island. Should we still list those debts with CINCB?
  • What is the cost of CINCB’s debt collection service?
  • Why should I use CINCB for collection service rather than doing it myself?
  • Why should I use CINCB for collection service rather than engaging an attorney?
  • What if CINCB is unsuccessful in collecting on this account?
  • Once I become a member, how do I list my debts with CINCB?
  • What should I do once I turn my debts over to CINCB?
  • Can I contact CINCB for an update on the accounts I have listed with CINCB?
  • What other collection services does CINCB offer?
Can anyone be a member of CINCB?

CINCB only provides services to licensed businesses in good standing who have been operating for a minimum of 2 years and who extend credit to their customers.

What are the benefits of using a Debt Collection Service?

CINCB’s debt collection service is a free service that provides members with access to professional and experienced debt collectors.  Think of CINCB as your collection department that costs you nothing.  Instead of paying all those monthly expenses such as salaries, telephone calls and postage to try to collect the debt yourself; leverage CINCB’s professional collection service, this is what we do well.

CINCB’s professional services includes credit reporting, so the debts you list with CINCB for collection can be listed on the consumer’s credit report.  This is the single most effective way of getting a debt paid more than taking someone to court.  CINCB is the only agency that has the established network to offer creditors this service in the Cayman Islands.

In the event that legal action is necessary, CINCB has a network of attorneys who can act on your behalf at more competitive rates than you might be able to negotiate on your own.

Do I need to turn all my delinquent accounts over to CINCB once I become a member?

You have absolute discretion as to which accounts you want CINCB to work on.  You may be as selective as you wish.

However, we recommend turning over all accounts that are at least 90-120 days old to us for three reasons.

  1. The longer you wait to get us involved the less likely it will be to collect on the account which normally translates to taking a lower settlement on the account.
  2. We do not know which accounts will pay first.  Perhaps the ones that you are holding would pay quicker and thereby we should be focusing our attention on those as well. Simply put, the more we have to work on the more likely we will be to start getting money coming back to you.
  3. It does not cost your company anything for us to work on the accounts.

In any event, the decision is up to you and we are happy to start working on your accounts right away.

When should I turn my delinquent accounts over to CINCB?

To be most effective, it is world-wide industry standard that you should turn your accounts over to CINCB when they are 90-120 days overdue.  However, you can turn accounts over to CINCB at any time.

Should I turn my delinquent accounts over to CINCB that are 2 or 3 years old or older?

Yes, but it is recommended not to wait too long because the collectible rate diminishes greatly over time.  The Cayman Islands Statue of Limitations on collections is six (6) years.

What is the minimum dollar value of debt CINCB will accept?

CINCB will accept debts that are as little at $100 and put as much effort into collecting on that account as for any account.

I only have one or a few delinquent accounts, should I turn those accounts over to CINCB?

If you want your money collected then the answer is yes.  CINCB provides its services to members with as little as one account to members with as many as thousands of accounts.  Your business is important to us no matter what size; we are here to serve you.

What is the success rate of CINCB’s collection service and how quickly can I expect to get my account collected through CINCB?

The success rate all depends on a number of factors.

First, your invoices must be clear, accurate and detailed.

Then it depends on the age of the collection account, the older the account, the more difficult and less collectible the account may be.  CINCB will make every effort to collect 100% of every account submitted to CINCB for collection; however, settlements of a reduced percentage of the outstanding balance may need to be considered on older accounts.

It also depends on the financial status of the debtor at that time.  If the debtor is indigent, then the collectible rate may likely be very low.  If there is a medical problem or the person is out of work, then the account may likely be more collectible but may take a longer period of time to realize the collection.

If the person is not on island, then this may take more time or may not be collectible because the person’s whereabouts are unknown.

Some persons acknowledge their debt but either try to avoid the collectors or others simply require consistent follow up in order to get payments from them.

In other cases, it may be just a matter of having a third party like CINCB negotiate a settlement.

This is not a one size fits all question.  The main reason debt collection accounts should be listed with CINCB for collection is because CINCB’s trained professional collection specialists will take the time to properly understand the person’s position and will then be able to negotiate a path for getting your account paid for you in the quickest possible time and for the maximum amount possible.

We currently write-off debts that are older than XX months. Should we still list those debts with CINCB?

Yes.  Debtors may believe that there are no consequences because companies simply write-off debts and that is the end of it.  Once debtors learn this loophole, this may become a pattern for these customers, or worse, a pattern for your company.   By listing the account with CINCB, members can become aware of this person’s credit history when considering opening a credit account for them.

Whether you write-off the debt or not, this is the person’s credit history with you.  If someone is applying for credit with you, wouldn’t your company like to know about other companies who have written off bad debts for that customer?  Through CINCB’s credit reporting service, creditor’s can learn about the bad debt they left you with.

We currently write-off debts of persons who have left the island. Should we still list those debts with CINCB?

Yes.  In the case of a person who has left the island, CINCB is a member of ACA International and has access to international collection agencies worldwide.  Once we know where the person has relocated to, CINCB can list your debt with one of our international member companies.

In addition, if your member is trying to re-establish credit at their new location, it may be possible that their creditors may want to review their past credit history in the Cayman Islands.  In this case CINCB would provide a credit report to the international creditor once they have received the customer’s written permission.

Or the person may return to Cayman a year or two later and may try to re-establish credit with another CINCB member at that time.  That member will be able to obtain the credit history of the person before extending credit.  This may lead to a successful collection of your old bad debt.

Whether you write-off the debt or not, this is the person’s credit history with you.  If someone is applying for credit with you, wouldn’t your company like to know about other companies who have written off bad debts for that customer?  Through CINCB’s credit reporting service, creditor’s can learn about the bad debt they left you with.

What is the cost of CINCB’s debt collection service?

There is no membership fee.  Provided that you have a signed agreement with your customer that states that your customer agrees to pay for collection fees, your customer will be liable to pay CINCB’s debt collection fees.  However, settlements can be made between the member and the customer to share the collection fees.  This is done by many members so they can realize an immediate payment.

Why should I use CINCB for collection service rather than doing it myself?

CINCB’s collection specialists are typically more experienced and trained professionals than you might have on staff.  This is what we do.

CINCB offers some free consulting services to help fine tune your credit department in the area of debt collection and credit reporting.  Access to this resource can help your business grow.

CINCB’s collection specialists have access to a more complete understanding of your customer’s financial situation because CINCB may be currently or may have been in the past collecting debt(s) for other member(s).  With this knowledge, our collection specialists might know how to get your debt paid quicker than you might have been able to do.

Also, you may not like or want your company to do collection service.  Because CINCB has collectors and supervisors trained as credit specialists with good customer service skills, our team is equipped to handle this very sensitive issue with your customer in a professional manner.

Perhaps the most important reason why you should list your collection account with CINCB is because other CINCB members who are considering opening a credit account with your customer will quickly be able to find out if your customer has any debts in collection when they purchase a credit report from CINCB on your customer.  The member considering the credit application on your customer will likely refuse granting credit because they have learned that the customer owes you money.  The customer will then most likely quickly pay off your account in order to clear up their credit report so that the next time they apply for credit they can avoid being refused for bad debts currently on file.

CINCB saves you time and mental stress while collecting your debts.

Why should I use CINCB for collection service rather than engaging an attorney?

Although you may ultimately have to engage an attorney to take your customer to court, you might realize quicker and better results by utilizing CINCB’s professional debt collection services as the first option.

Additionally, engaging CINCB to collect your accounts does not cost you money up front or along the way as is the case with law firms.

What if CINCB is unsuccessful in collecting on this account?

Once the reason why the collection is unsuccessful, then the appropriate next action can be determined.

For example, a customer may just simply not be responding to CINCB’s collection efforts.  They have received and acknowledged the debt and are able to pay but will simply not pay.  This may be the time to advance to legal action.

If it is determined that the person is indigent or left the island with whereabouts unknown, then the account should be written off in your books but it is recommended to leave the debt listed with CINCB so that members in future can be aware of the persons past credit history.

In other cases it may just be a matter of time before CINCB is able to collect on the account.  For example, the person may be out of work or experiencing a medical condition.

Or the person applies for credit with one of CINCB’s other members and that members learns that you are owed money and then refuses the person credit.  The person may then realize that it is best if they pay off their account with you so the next time they apply for credit they would avoid getting refused again for not clearing up their bad debts.

Once I become a member, how do I list my debts with CINCB?

Simply complete CINCB’s Notice to Collection on Delinquent Account form with as much information as possible and fax or email to us.

If you need to submit many records at one time, an electronic interface could be established to automate the file transfer.

What should I do once I turn my debts over to CINCB?

You must cease all contact with the debtor, cease adding any charges whatsoever to the account, and cease all mailing out of any invoices, statements or correspondence to the debtor.

Can I contact CINCB for an update on the accounts I have listed with CINCB?

Upon request, CINCB can provide you with a report which lists out all the accounts you have listed with CINCB along with a short status of each.

What other collection services does CINCB offer?

CINCB offers letter writing services for 30, 60 and 90 day notices.  These are notices that can be sent out on CINCB letterhead which remind your customer that they are overdue.  Each letter gets progressively stronger.  This service does not require you to list the debt with CINCB for collection, CINCB will send the requested notice out and take no further action.  The notices instruct the customer to pay you directly.

In addition, CINCB can send a Pre-collection Notice to your customer warning them that if they do not settle the account with you then you will turn the account over to CINCB and that it may affect their credit history.  This most effective if sent out on accounts that are 90-120 old, but can be sent out at any time.  This service does not require you to list the debt with CINCB for collection, CINCB will send this letter and take no further action.  The pre-collection notice instructs the customer to pay you directly.

CINCB also offers local court action through its attorney network and international collections for persons who have left the island.

Our detailed price list highlights all our services.



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FAQs – Credit Reporting

Frequently Asked Questions from Business Clients

  • Can anyone be a member of CINCB?
  • What are the benefits of credit reports?
  • How can I get CINCB credit reports?
  • Can I get reports on anyone?
  • What is the difference between a Full Member and an Associate Member?
  • Does CINCB offer online access?
  • What is the cost of CINCB’s credit reporting service?
Can anyone be a member of CINCB?

CINCB only provides services to licensed businesses in good standing who have been operating for a minimum of 2 years and who extend credit to their customers.

What are the benefits of credit reports?

The benefits of credit reports are significant:

  • Helps you make informed credit decisions
  • Helps you better manage the risk of extending credit
  • Saves time checking on the credit worthiness of a customer
  • Implements an industry standard “best practice” in your credit department
  • Nominal report costs can be passed on to your customers
How can I get CINCB credit reports?

To obtain credit reports, you must be a member of CINCB.  Simply review and sign our member agreement.

To be able to get access to credit reports, you need to ensure that your credit application includes a clause that gives you permission to seek a credit report on your customer.

Most members obtain permission via their credit application by including a clause similar to the one below:

“I hereby with my signature on this application do grant permission to you to verify this proposed credit application for accuracy and completeness.

Further, I grant my permission to you to seek, obtain, and divulge any information regarding my credit history and credit account details or proposed dealings with you to or from any credit reporting bureau, any financial institution, my employer, or any other person in connection with any of my credit dealings with you; and I give same data controllers permission to divulge my information to you or any credit bureau.

I further understand that this credit information may be used to create and maintain a credit report file on my credit history and credit account details with any Cayman Islands credit reporting bureau, which may periodically receive credit updates from other financial institutions or creditors whom have extended credit to me.”

If you do not obtain permission from your customer, you will not be able to obtain a credit report from CINCB.  This is necessary in order to comply with the Cayman Islands Confidential (Preservation) Law.

Once you are a member of CINCB and have obtained permission, simply request a credit report from CINCB by email at info@CINCB.ky or by fax 345-949-3729.

Can I get reports on anyone?

Yes, but you must have permission.  You are prohibited by law to obtain credit reports on a person without their expressed permission.

What is the difference between a Full Member and an Associate Member?

Full Members have online access to CINCB’s database 24 hours a day thereby giving them instant access to credit reports.  CINCB’s Credit Reporting Prospectus contains the minimum company requirements to be issued online access.

Associate Members must request credit reports in writing and present a credit application form signed by the person.  The request can be by fax, email or in person.  CINCB will then prepare the credit report and send back to the member within 3-5 business days.

Does CINCB offer online access?

Yes, but only to Full Members.  The Full Members must identify the key person(s) in their organization who they want to have access to CINCB’s credit history database.  Once CINCB is notified of the persons who will have online access, CINCB will set up a User ID and password for that person.  The first time the person logs onto CINCB they will be required to change their password.  The User ID is how CINCB tracks who has logged on to the database and what reports they have requested.

What is the cost of CINCB’s credit reporting service?

There is a nominal annual membership fee that is payable quarterly and then each report you order is charged to your account.  The reports you order during the month will be recorded on your statement for that month and is payable on receipt.  Please refer to the price list for latest pricing.


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