Growing up in operations at a large collection agency in the high volume telecom world, it never ceased to amaze me how early we needed to start preparing for the tax season. Whether you have competitive portfolios or not, you’re always trying to outperform other agencies. If your competitors are doing it better, that can be a steep hill to climb all year on those scorecards. Here’s a few things you can do to prepare for tax season now:
Litigation runs high in the collection world. The many regulations and regulatory bodies to contend with creates a minefield for agencies: FDCPA, FCRA, TCPA, UDAAP, CFPB…
A lot of litigious action stems from consumer complaints regarding attempting to contact the wrong person. If an agency attempts to call a number 100 times and on the 101st attempt finds out it is not even the correct party, it can be setting itself up for an FDCPA claim. It would be much easier if the agency had the right contact information in the first place, but how can they reliably know it’s the correct information before they dial? If you’re collecting as a secondary tier agency, it might very well be that the agency who had the account before you knows exactly that.
But wouldn’t that mean data sharing with a competitor? Gasp!
You’ve heard the phrase, “Behind every great man is a great woman.” Well, a similar concept applies to our proprietary phone append product. (“Behind every great data product is great data sources.”)
The reason why LocateSmarter Phone Append is a great phone append product is because of our selective choice in data sources. Before adding a data source to our product, they undergo thorough testing and must meet our high expectations when it comes to quality, uniqueness, security, automation and price. Here are a few things taken into consideration:
While batch skip tracing can return a wealth of information, sometimes it can return too much data – resulting in wasted time and resources, risk of wrong numbers and more.
Flip through our SlideShare to see what makes LocateSmarter different and how we can help prevent digging through data with our quality-focused approach.
One of the most important metrics you can look at when evaluating your call disposition data is right party contacts (RPC). This is because RPCs have a direct correlation to dollars collected. However, if you look at right party contact rates from portfolio to portfolio, you will notice they are not the same across the board. While there are many things that can impact your RPC rate, here are 5 factors that might be affecting you.
In many portfolios, a consumer that is identified as bankrupt, deceased or litigious would not require additional skip tracing. Yet, without proper programming and products, you may still incur additional skip tracing expenses without realizing it. Continue Reading
Wrong numbers can be very costly both from a performance standpoint and due to the risk of CFPB complaints, fines and lawsuits. It is important to identify which skip tracing vendor(s) are putting you most at risk as it can have major financial impacts.