We are not a typical call center business!
According to a study by ACA International in 2016, the industry is responsible for collecting $ 78.5 billion in total debt in the industry, through some of the most difficult regulatory environmental factors ever encountered by third-party credit collectors, while dealing with very few complaints.
The Association of Credit and Collection Professionals (ACA International) commissioned Ernst & Young to study the impact that third-party debt collectors are on the American economy and have released studies of the previous fall. Using data from 2016, the study effectively updates previous studies from 2011 and 2013.
Surprisingly, through some of the most difficult regulatory environmental factors to be faced by third-party debt collectors, the industry is responsible for collecting about $ 78.5 billion in total debt in 2016, with approximately 10% Is part of. The total accumulated 47% - the main debt category - was attributed to health care. This means that in 2016 alone, about 37 billion dollars were collected for health care organizations. In addition to this, more than $ 12.5 billion was collected for government-related debts, most of which were done at the local level - cities, towns, villages and counties were returning the necessary funds.
Apart from this, and according to another report issued by ACA International, according to the CFPB, the debt collection was the second highest complaint behind credit reporting only. Although this may seem like a problem area, the truth of the matter is that "the total number of credit collection complaints received by CFPB represents an incredibly (0.005%) consumers, who have been collecting debt during the year 2017 The industry had been in contact with other financial services industries, and notably, the complaints of only about 0.06% of all Americans. The collection area is estimated to be debts. "These collections are significantly smaller than the number for the amount of suffering in the industry. In the report, the complaint response time and the satisfactory resolution of the complaints have also been described as sufficient single year profit for the industry. Consumers also made lesser choices in the complaints choices regarding the seriousness of their complaints, which, according to the report, "suggest that consumers are not complaining about harassment or harsh debt collection practices and most debt collectors comply with legal requirements and ethical guidelines."
Perhaps in future, regulators will know someday that the industry is full of good players and what we do is both appropriate and necessary to reduce prices for consumers and businesses, so that they can meet their needs. Stay open In the meantime, we will fight a good fight and do a great job to protect our customers and fight them properly.
Although the collection is definitely not the sexiest thing to talk about, but it's really time to think about what the more cumbersome rules will be for the industry and in return your lower line We will take our part and put pressure on you - to open more modernly preferred mode of communication like texting and email; In order to fight every war in the courts for those processes which we have used for decades, now there is little question about the understanding of sophisticated consumer that what is meant by "judgment" or "outstanding amount"; To buffer your customers from the most dangerous aspect of your business, whether they are bad for their business, their bad debts collection
Over 129,262 employees of the debt collection industry, on behalf of our clients, day-to-day and day out, who rely on the edge of the back of our A / R.
Therefore, do not get trapped in the fight for bad credit with your customers, members and patients, reduce your exposure points to a professional firm like CTQ Pro and lend your expertise to this area of your business. Not only is this a safe move, but it is also an attractive one. The use of any agency of their salt uses a variety of modern tools and techniques that most of the organizations do not have access to, and if they do, then it is probably located outside their specialty area. Do not be stupid by amateurs and lawyers who advertise collection services but do not employ important services such as analytical procedures, highly trained correspondents or credit reporting. At the end of the day, the agency like CTQ Pro will empower you to return your organization when you leave your initial and bad debt collection to professionals doing this particular task.
As a member of ACA International and NYS, we are standing with our partners in thanking the organization for starting these studies.