Top Rated Debt Collection Agencies are Built to Last, Not Just for Now

Top Rated Debt Collection Agencies are Built to Last, Not Just for Now

Being a debt collection agency doesn’t always attach us to the most positive adjectives or news stories. We get that. We get that people don’t want to receive a call (or many calls from multiple agencies) about unpaid bills, no matter what the “bill” is for. This leads to complaints even if the call was handled in the most polite manner, or if the amount due is in fact legitimately owed to the original creditor. And the bigger the collection agency, the more accounts are placed, so it becomes a numbers game with the volume of complaints (whether truly warranted or not) that get filed. It’s not necessarily fun to make those calls, either, but someone has to do it. If you take away the recovered dollars from debt collection agencies in the United States, there would be a $45 billion gap that not only would cost the average family about $400 extra per year, it would have to be replaced with increased prices for everything, less credit availability…and even products and services disappearing because no one would be able to afford to sell them anymore.*

When debt collectors start calling, it is because there is an obligation that was agreed to between the client (the original creditor) and the consumer. If that obligation is not legitimate, the consumer always has the right to dispute the charges. There are always situations where someone has hit extremely rough times and in no, way, shape or form can come up with the money. And in situations like these, some of our clients have programs to assist and completely forgive the balance, and if they don’t, there are other solutions we turn to.

We take regulatory compliance, consumer experience and finding an optimal solution for all parties involved very seriously. Because of this, we’ve intentionally built our debt collection program to last – not just for now. If we built it for now, which might save a few dollars today, it wouldn’t stand the test of time for our clients, we wouldn’t have the ability to develop in-house solutions that anticipate industry and regulation changes, and we wouldn’t constantly be thinking about how to deliver the best consumer experience on every single call we make and receive.

Our purpose as an organization is the back bone of this built to last mentality – making lives better one call at a time, by connecting people to solutions. This means that no matter what position you hold at CBE, this is why you wake up and do your job every day. It might be a collection associate on the phone, or it might be an IT professional fixing something late at night to ensure our collection associates are available for inbound calls, or it might be employees helping each other or in the community.

Changes in debt collection are constant, so the ability to adapt quickly (or even better – position the organization to stay ahead of it) is an advantage that the top rated debt collection agencies have. Debt collection programs built for now are not structured for change. It simply takes too long to turn a vessel, so the right processes and people in place to direct and execute change on a daily basis are key components in a built to last program.

Below are a few examples of how CBE’s program is built to last:

  • Our team utilizes the most advanced technology and tools to deliver consistent, high quality results. This includes a TCPA-compliant manual dialing alternative, speech analytics to analyze each call for quality assurance and compliance with documented standards, online consumer portal with negotiation engine that gives consumers the payment tools they want, and a patented skip tracing process with the highest quality data available in the market that decreases call volume and thus risk for unnecessary attempts and wrong numbers.
  • We’ve implemented the controls necessary to meet the most stringent requirements of federal agencies. We also work with heavily regulated and complex Fortune 100 companies in a wide variety of industries such as financial services and telecom, among others. Our sustained focus on thought leadership and continual investment inevitably benefits all of our clients by mitigating present and future risk.
  • Our core values are meant to be more than a culture code to live by at work. They help us transcend our culture to any location, as well as develop well-rounded leaders who are ready to serve clients AND the community, with the goal of creating a better world for future generations.
  • We conduct after call surveys and the results speak to very high satisfaction levels in the 90s, which we are proud of given the massive volume of calls we handle on a monthly basis.

If you currently have a network of agencies or are considering outsourcing your debt collection efforts, be sure to ask yourself if your partners are built to last or built just for now.

Source: ACA International White Paper