This discussion is intended to provoke dialogue and questions about different business models in the collection industry. The thoughts presented are based on many years of collection experience as well as a unique opportunity I have had to introduce radical thinking to the industry, as the president and owner of Quantrax Corp.
In part 1 of our article, we discussed the data and work elements that make phone number management a challenge for ARM companies. Today, we discuss some of the solutions we have considered and incorporated.
Managing phones numbers in any collection system is a complex task. You have both verified and unverified numbers. In addition, you’re continually receiving new accounts that link to existing accounts. These may come with numbers that are new, or numbers that exist on older accounts. Numbers that exist on older accounts may have been worked and determined to be bad numbers or wrong parties! How do you navigate this seemingly impossible and complex web?
One of the best defenses against frivolous lawsuits is your ability to demonstrate that you have processes and technology in place to meet the requirements of different states.
I think it would be fair to describe the average owner or collection manager as conservative and conventional. For most, the basic business process has not changed in many years, even as everything around them is changing rapidly.