I have been in the collection industry for the last 35 years. I started as a collector, then focused in on skiptracing, business development, and even got into agency ownership for awhile.
We are constantly seeking new ideas and ways to increase revenues.
1) Agencies want to get paid more money.
2) Clients want to see more money.
3) Debt buyers want to see more money
4) I have read many articles of late of how the individual collectors are literally threatening debtors with court action of which may not happen, arrest, taking away their property, their children. What is this all about . This is what causes complaints and causes people to file complaints and speak harshly.
Have you ever thought about treating the debtor with respect and dignity. Remember that they same problem can happen to you or to them. People do ask to become unemployed, it happens. They don’t ask to be broke and lose everything that they have worked for.
Here are some solutions that you can take beginning today:
a) Start treating the debtor with decency and respect. You may get a better response and perhaps find a mutual solution.
b) Refer debtors to a company that I have recently found called Alternative Financial Solutions (http://www.afssolidsolutions.com/#) and everyone can get paid.
c) Agency owners and debt buyers should have independent auditors come in and audit their accounts, befor the CFPB comes and does it for you. Here is another suggestion The Compliance Auditors.
d) Also you can be pro-active to Stop the Complaints.
If you start being pro-active and start investing in cleaning up the industry just think you won’t be paying out thousands of dollars in fines to the Attorney General of your state. You won’t have the CFPB coming down on you.
Start policing your own companies. Debt buyers are you aware that if an agency violates the law while you have outsource a portfolio to them then you are just as liable for not doing due diligence. It would behoove you to be pro-active as well.