Credit Counseling – The Untapped Resource that Can Strengthen Consumers’ Finances While Improving Recovery Rates, Employee Morale, and Corporate Reputation

That’s a long title for an article and one that makes some lofty claims about the power of Credit Counseling. The premise behind this lengthy, bold statement is simple, “Prioritizing consumer financial health and well-being is good for business.”  

Help Consumers Help Themselves

Collection representatives interact with people at a crisis point in their lives, which puts them in a unique position to offer real help to consumers just when they need it most.  Yes, obtaining a commitment from a consumer to make payment on an account is the purpose of collections, but if they are struggling to make payments on other credit lines or to afford essential housing and living expenses, what is the likelihood that they’ll be able to stick to any agreed upon payment arrangements?