If you are already working with collection agencies, now is the time to re-examine your processes. We have found that credit unions typically award around 5 vendors. Unfortunately, that portfolio approach often leads to wasted money and a lower return on your investment.
Instead, many creditors are relying on proven relationships with fewer, but higher performing, partners to deliver better results. This results in savings that range from 20% to 30%.
By consolidating your business with one or two of your top performing collection agencies, you will immediately see better results, because that is what they are already delivering. You are guaranteed to increase the percentage you recover for every dollar you spend. It is an instant return on your investment, and you can start recovering more right away.
To see how much you could save, we’ve provided this simple calculator to see how much you can increase recoveries for every dollar you spend: www.conserve-arm.com/calculator
Another way to streamline the process is to place your accounts within 6-12 months to optimize collection results. Once again, it only makes sense to move accounts to your top performing partners to begin yielding a higher return more quickly.
Finally, you should demand real-time reporting from your agency partners. With this kind of transparency and accountability, you can monitor performance in real-time, identify trends, and rapidly make any necessary adjustments or changes to ensure they deliver ongoing results.
You won’t be managing vendors. You’ll be working with a partner, which means a better experience for you and for your consumers.
Read more about the additional critical steps you can take to begin increasing your recoveries by downloading our free E-Book: 5 Steps You Can Take Today to Maximize Debt Recoveries.
