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