Evaluating Collection Agency Success – Debt Collector Skills

Debt collector qualifications to consider:

• Education
• Years of debt collections experience
• Years with this collections agency
• Collection training received
  • FDCPA for retail collections
  • Script Reading for standardized collections
  • Collection skills
  • ACA or IACC certification
  • Negotiation expertise (for larger claims)
• Other relevant experience
  • Management experience
  • Entrepreneurial history (relate to business owners)
  • Clerical experience (attention to detail)
  • Customer service (dealing with anger and emotions)

The debt collector pay structure can provide a clue to an agency’s philosophy:

• Base versus incentive
  • Tilt towards incentive may also mean tilt towards fast and furious
  • Potential for less success on more difficult claims
• Higher base can lead to greater persistence and appropriate patience for ultimate success

So now that we’ve looked at indicators of the collection agency success, we want to know – how fast do they collect.

Next:  Speed in collecting money