article thumbnail

Creating a Successful Collection Agent Incentive Program

Payment Savvy

Over time, however, agents do lose their zeal and ambition to rectify delinquent accounts. This is where collection agent incentive programs come in to save the day. These incentive programs motivate debt collection agents to work harder and, in turn, keep your collection agency in the black. Title changes.

article thumbnail

Finding A Collection Agency: Part 3 - Things to Consider

Credit Management Company

One way is to hire collection agencies. Finding the best collection agency partner is a reliable way to get the money your business needs. With effective collection agents, you can get paid faster and increased legal protection. So, how can you get the money your customers owe? Comparing Costs and Total ROI.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The Economic Impacts of the Debt Collection Industry

Credit Management Company

Collection agencies also pay property taxes through their leases or real estate claims, and those taxes go to pay for local schools in their community. Well educated adults are key to the success of all businesses in the community. Collection efforts are not a zero sum game. Fire and police. Employment and Revenue. Debt Relief.

article thumbnail

Debt Awareness Week: Why early engagement is the best first step

CSA

The CSA continues to do what we can to dispel the misconceptions around debt collection and to reassure customers through our #heretohelp campaign and other initiatives ? but our ability to influence financial education and public information is limited.

article thumbnail

Agent Word Choices in Debt Collection

Payment Savvy

For example, the Fair Debt Collection Practices Act (FDCPA) prohibits abusive, deceptive, and unfair practices during debt collection. As such, you want agents to be well-trained before ever speaking a word to a debtor. Educate Yourself on the Account. Be prepared before ever reaching out to a consumer.

article thumbnail

Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

Department of Education and falsely promising student loan debt relief. State Activities: On June 16, Nevada Governor Joe Lombardo approved SB 276 as an update to the state’s Collection Agency Licensing Act. Originally adopted in 1969, the act provides for the licensure and regulation of collection agencies and collection agents.

article thumbnail

How to Elevate Your Call Center Training and Evaluation

PDC Flow

Your debt collection agents are only as good as the training they receive. Better training improves staff performance, decreases mistakes and complaints and raises revenue collected. It’s vital – especially in accounts receivable – to know how to measure both new hire and continuing education. How to Measure Success.