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UNDERSTANDING THE IMPORTANCE OF THE DEBT RECOVERY INDUSTRY. 
THE NUCLEUS OF GETTING PAID IS THE ABILITY TO CONTACT THE DEBTOR. 

PUBLISHED BY INDUSTRY AUTHOR MICHELE DUNN’S CREDIT AND COLLECTIONS NETWORKING GROUP

I have been in this business for 21 years and counting. When I came into the business out of College I didn't know much about the industry . I have worked for 2 companies in my career. I have really enjoyed this business and what it has taught me. I still learn new things all the time.

Here are some things I have learned that I didn't know:

* I had no idea that this industry would provide me with such a wonderful career opportunity. It has given me a way to provide for my family.

* Being in a leadership position it has provided me a chance to be a coach and trainer! I have had the pleasure of teaching and training many people to do the same things I was taught by all the leaders and mentors I had throughout my career. Teachings that are not just about credit and collections, but life lessons that made me a better person. Lessons about hard work, teamwork, trust, morals, work ethic, leadership and many others. Lessons that I teach to my new employees breaking into the business, lessons I teach to my kids.

* This business has taught me how to properly communicate to people especially the consumers that I was collecting from. We speak to regular people, CEO's, President's and Attorney's and it's important to know how to handle each of those calls if you are going to be a successful bill collector.

* I didn't realize I was going to be doing such a service for my clients. These folks performed a service to these consumers and they deserve to be paid. When we collect on delinquent debt that they themselves couldn't get collected it's a really good feeling to know we are helping them out. Over the years all the "thank you" letters we have received from the merchants we collected for let me know the service we provide is a positive one.

* I didn't know that I would be a credit counselor for the consumers. As Michelle stated there are so many people who have not been taught the skills to manage their own money. With the economy in the state it is this is even worse now. People over extend themselves and don't know how to get themselves out of it. Sometimes our job requires teaching them a solution.

* Something that has always amazed me is how many merchants out there don't ask the right questions, or get enough information from the consumers they do business with to protect themselves and the money that is owed to them. I remember many years ago reading some backup documentation on the consumer looking for phone numbers to call and the number they wrote on the credit application was 408-555-1212. This was the phone number for directory assistance. The merchant NEVER even questioned this. Throughout my career I have taught many merchants how to protect themselves from being scammed by their consumers. I have helped some of them rewrite their credit applications and patient information sheets so they can get all the pertinent information.

* I have learned this business is not for everyone. It takes a certain kind of person to be successful. Someone with a strong work ethic, creative personality, strong negotiating skills, a gift to gab, good vocabulary, confident personality, thick skin, money motivated and a team player. When recruiting these traits are what we look for.

* I didn't realize how rude some people can be. Some of the consumers I have had the displeasure of talking to on the phone are downright nasty with their words. Especially when I moved from one coast to the other. I went from California to North Carolina and back again. How so many people have no accountability for their actions.

* I read many collection magazines and online publications and I am amazed and disappointed at those collection companies out there that are not compliant and give the rest of us a bad name. All the companies that do play by the rules and make sure all their collectors play by the rules have to be lumped in with all the bad ones. As someone who is proud of what he does this is very frustrating.

* I had no idea that this business would bring me close to so many people around the Country who I have wonderful friendships with. Some of them are my best friends. I never would have met these great people if I had gone in a different direction.

Michelle thank you for the opportunity to share my opinions about what I do as a career. I hope many of you share my positive stories and have many of your own! From some of the other responses I read it sounds like some of you have had really unpleasant experiences and that is a shame.

Tory Hotaling
Vice President Consumer Relations
Crosscheck, Inc.

From: creditandcollections@yahoogroups.com [mailto:creditandcollections@yahoogroups.com] On Behalf Of Michelle Dunn
Sent: Thursday, May 19, 2011 6:33 AM
To: creditandcollections
Subject: [creditandcollections] What nobody tells you about being a bill collector

Good morning everyone,

I am looking for your opinions and thoughts on being a bill collector
and what you might have learned or found out after becoming a bill
collector that you didn't know beforehand.

For example - something I learned after becoming a bill collector was
that most of the folks I called had no education about budgeting or
credit and debt, and were in big trouble with their finances. I
didn't realize that as a collector I may also have to be a counselor
to debtors or mediator for my client.

Another thing I learned and did not know going in was how emotionally
draining being a bill collector can be! I am sure you can all relate!

Sincerely,

Michelle Dunn, author of The Guide to Getting Paid, weed out bad
paying customers, collect on past due balances, and avoid bad debt
http://www.amazon.com/Guide-Getting-Paid-Weed-out-Customers/dp/1118011619/

 

When you make a sale you want to know when you will be paid.  Controlling when you get paid is a huge component on whether your business will survive or fail. 

If you extend credit to any customers, new or existing, outline how and when you want to be paid.  Be specific on each factor and let customers know what will happen if they do not meet those payment requirements.  Something to remember is that if you don’t set the payment terms for your business, your customers will and you probably won’t be happy with those terms.  The terms you set are to protect your rights, limit your liabilities, and provide you with some security that you will get paid.

When you are deciding on your payment terms or when you want to be paid, think about when your bills are due.  You will want to get paid before your bills need to be paid so that you have the cash in plenty of time to pay your bills.  Check your invoices and see if you are offered any early-pay discounts, this can save you hundreds of dollars over the course of a year.  If you don’t have any accounts that offer this, contact your vendors to ask about early-pay discounts. 

Your terms should outline how and when you want to be paid as well as the circumstances that will follow if the payments are not made as agreed.  Once a week, or at least twice a month, print out and take a good look at your accounts receivables aging report, are customers becoming slower in their payments?  Follow up with those customers now and get them back on track, maybe with a payment plan if they cannot pay in full at this time.

People apply for credit for many different reasons, credit can fulfill self esteem issues by enabling us to “buy” friends, by getting the check, or paying for movie tickets when we don’t have the money.  Some use credit for a “feel good” activity such as shopping, which is the #1 feel better activity when someone is depressed or sad.  Some of the most educated people with very good jobs and big paychecks get so far into debt that they file for bankruptcy and fall into a depression.  Credit problems are not a poor person problem or a rich person problem, it is a people problem and many times stems from personal issues. 

As children, no one teaches us about debt, credit or credit cards and how it all works, how it affects us and how it can change our life.  A couple of points I would like to make:

1.         THEN:  People used to be ashamed to file for bankruptcy.
2.         NOW:  Many people suffer from credit card dependency and there is no longer any shame in being in debt.

We can all change this by talking to our children and teaching them how to save money and deal with finances before they are on their own by setting an example.

Michelle Dunn is an award winning author and columnist frequently featured in the Wall Street Journal, CNN and Forbes. Look for her newest book being released in May by Wiley Publishing titled, "The Guide to Getting Paid, weed out bad paying customers, collect on past due balances and avoid bad debt”, available now on Amazon.  http://www.amazon.com/Guide-Getting-Paid-Customers-Balances/dp/1118011619/ref=sr_1_1?ie=UTF8&qid=1301250822&sr=8-1
Visit Michelle online at MichelleDunn.com & Credit-and-Collections.com