Lean on Collection Experts to Recover Debts Quickly
Rather than hire and train staff, many institutions turn to collection agencies to help them recover debts from their consumers more quickly. There are a few reasons they make this choice to leverage trained professionals.
First, established collection agencies already have the successful, fully trained, and skilled professionals on staff. These are top performers who know how to handle debtor issues and can offer the right solutions to get the best results. They also know how to legally collect debts, and undergo rigorous training programs that ensure they are always up to date on the latest regulations.
Most importantly, this is their entire business, spread out across multiple clients. This means collection agencies can bring economies of scale that can help individual credit unions and other institutions get the work done at a significantly lower cost.
How do you know when it’s time to lean on these kinds of experts? Ask yourself these four questions:
- Staff – Do you have enough staff or time to dedicate to handling delinquent receivables?
- ROI – Is the money your organization invests in handling receivables more than it would cost to partner with an agency?
- Impact – Are the balances of your receivables low, but the volume is still high?
- Training Resources – Are you having trouble keeping your team abreast of the many changing laws and regulations and are concerned about legal protection and unwanted lawsuits?
Once you’ve completed your assessment and have made the decision to lean on the experts to help you increase recoveries, next you need to make sure you’re hiring the right agency. Seek out a partner that is focused on accountability, efficiency, performance and overall customer satisfaction. In these delicate matters, values and culture can be just as important as price and reputation.
You should also demand the same rigor when it comes to technology, data security, and compliance. Look for collection agencies that maintain compliance and are certified; ACA Blueprint Quality Management System® Certification, Federal Information Security Management Act (FISMA) Compliance, SSAE 18/SOC 2 Type 2 Engagement, and PCI-DSS Compliance.
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.
