"The Power of Expertise: Oversight Perfected"
"The Power of Expertise: Oversight Perfected"
Rewarding Exceptional Performance – The Challenges Not every reward needs to be glamorous to be meaningful. Years ago, early in my career, I earned a set of garden tools through a performance incentive program. It wasn’t a bonus check or a flashy plaque—but to this day, I still remember that heavy-duty rake, shovel, and trowel with ergonomic grips and a matching carrying bag. Why? Because it felt personal. It was […]
When selecting a third-party collection agency, one of the most debated topics is pricing. The temptation to choose the lowest contingency fee is strong—after all, higher fees cut into your bottom line. But is the lowest cost really the best value? The answer lies in understanding the balance between cost, performance, compliance and expectations. The Illusion of the Lowest Fee It’s natural to gravitate toward the agency offering the lowest […]
Deciding when to end a relationship with a collection agency is rarely easy. In some cases, the decision is clear—fraud, non-compliance with regulatory requirements, serious contract violations—these are all non-negotiable deal-breakers. But what about when an agency is simply underperforming? Or when they fail to provide the level of transparency and data you need? These grayer areas can be tricky to navigate. Do you push for improvements, or do you […]
Everywhere you look, people are talking about the rising delinquencies. Having been around the collection industry for a while, I anticipate the next step will be hiring additional vendors – whether it’s collection agencies, or collection attorneys or repossession forwarders or agents. Due diligence is time-consuming and can be draining – particularly when you spend efforts to evaluate a prospective vendor and then decide against that company. Bringing on a […]
As the new year begins, it is a perfect opportunity for collection and recovery managers to evaluate and refine their vendor oversight strategies. In an era of evolving regulations, heightened consumer expectations, and advanced technologies, effective oversight extends beyond mere compliance and security. It is certainly about compliance and security, please do not misunderstand my thoughts, but adding elements of operational excellence will ensure you are driving the right results. […]
As a creditor managing third-party collection vendors, ensuring their compliance and effectiveness is critical to protecting your brand, customers, and bottom line. But have you considered the risks posed by their vendors? These subcontractors, known as fourth parties, often play integral roles in service delivery but can introduce significant risks that ripple through your operations. In this blog, we explore why auditing fourth-party vendors is essential and provide some practical […]
As we get accustomed to the idea of a hybrid workforce, I’m reminded that a hybrid approach to third party auditing can also be appropriate, allowing organizations to maintain effective oversight while optimizing time, resources and the depth of inspection based on the vendor’s risk level and function. While consistency and objectivity are of utmost important, the hybrid approach can be more adaptable to various risks and business needs. Creating […]
A new bill introduced on Capitol Hill seeks to change how medical debt is reflected on credit reports, offering consumers the opportunity to improve their credit scores by including positive medical debt payments. Currently, medical debt can negatively impact credit scores, but paying off this debt doesn’t contribute to improving them. In response, U.S. Representatives Don Bacon and Marie Gluesenkamp Perez have introduced the bipartisan Reporting Medical Debt Payments as […]
Selecting the right recovery agency is a critical decision for any creditor, but it’s easy to fall into common traps that lead to suboptimal results. From assuming bigger is better to thinking aggressive sales tactics reflect the agency’s collection abilities, many misconceptions influence the selection process. This blog explores the fallacies that often cloud agency selection, the theories guiding agency performance, and the fundamentals you should consider to ensure you’re […]
For years, when assessing third-party collection vendor performance, I have tried to come up with a better word than “audit”. Much of the time, the audit word conjures up a negative impression, and I think of the audit as a tool for communication and effectiveness between the vendor, in this case, the collection agency, and the client. By verifying that performance aligns with contract expectations, and work effort meets expectations, […]