Monday, April 25, 2016

Changing the Debt Collection Industry, Is it Possible?

It has never been more difficult than it is right now to be a accounts receivable collection agency. These days, more regulations exist than ever before, and there are a great many rules and laws related to compliance as well. Making matters worse, there are many regulatory agencies out there that seek to find and punish anyone who makes a mistake or breaks a regulation. There are also law firms that operate with the sole purpose of going after debt collectors who have made small, harmless mistakes. Fortunately, however, collection agencies do not have to stand for or put up with this harsh environment; instead, there are things they can do to create a fairer climate for themselves.

One thing that modern debt collectors and the companies for which they work can do is to join and/or support business associations that were created with the goal of stopping injustices in the debt recovery industries. Such associations include ACA International Incorporated, which is the trade association for credit and collection professionals. Debt collectors are encouraged to form or join a local chapter of this group or others like it and to be as involved as possible in making positive differences for the debt collection industry.

In addition to becoming involved with ACA International, debt collectors and collection agency services companies may also want to consider getting involved with other trade associations across the sectors in which they work. This might include medical sectors, telecom sectors, and more, and the greater the number of trade associations collectors can work and partner with, the better.

Debt collectors are also encouraged to contact state and federal legislators to voice their concerns and their proposals as to what can be done to change problems and issues within the debt collection community. A good way to really make a difference is to develop a work advocacy group that can discuss the issues affecting the industry and potential solutions and then put these into a large volume of letters to try and affect change.

Change is something that is desperately needed in the debt collection industry, but it’s not going to happen overnight. It will take lots of effort and concern from people who are involved in the industry, but if these people work together, it can happen!

No comments:

Post a Comment