This could be "the golden age of debt collections," with collection firm values at their greatest levels in decades. However, understanding how those ideals encourage compliance requires digging under the surface of agency functionality. While most of the values support an organizational framework that indirectly influences compliance, the value of respect has a direct impact on the manner in which agencies communicate with consumers.

By modeling the principles of respect, leadership, dedication, teamwork, and responsibility with the sales and marketing teams, the client relations department, and the full operations hierarchy, executive management establishes the tone for the entire business (senior management, supervisors, leads, and consumer relations representatives). Moreover, the effect is quite contagious in a very positive sense, with consumers being the final beneficiaries or "end users" of each value.

A third-party debt collection agency values boost clients' return on investment, brand protection, and customer retention, which benefits clients as well.

In a mosaic of positive influence and conformity, the values are finally entwined with one another.

Respect for Consumers

The reforms made by the credit and collections sector following the enactment of consumer protection laws are frequently credited with the respectful treatment of consumers.

The Fair Debt Collection Practices Act (FDCPA), which was approved by both chambers of Congress and signed by President Jimmy Carter in 1977, is the earliest statute defending consumers who are in debt. The bill establishes acceptable phone contact hours and forbids actions like harassment, intimidation, and defamation. Furthermore, prohibited are calling customers at work or publicizing their identities on databases of people with unpaid debts.

After the FDCPA was passed, agencies learned how to use compliance to create efficient and courteous collection operations.

Top-tier debt collection agencies now employ customer relations representatives who have received compliance training. Their goal is straightforward: they will competently negotiate repayment programs that consumers are prepared to accept. Thus far, the findings indicate that customers are more receptive to kind treatment than conventional strategies.

Respect for employees

Several organizations have mission statements that specify how customers, clients, and employees are to be treated with respect. These corporate principles foster respect at all levels of involvement. Ideally, they are practiced internally on a daily basis and externally whenever staff members interact with clients, vendors, or consumers.

For instance, the hiring procedure combines aspects of both worlds. By communicating with candidates promptly and professionally, recruiters show them they value them. A job fair or a follow-up call could serve as the venue for keeping potential candidates informed throughout the hiring process. Ethical hiring practices are a selling point that could influence prospects to pick one company over another.

After being employed, the training phase offers a further excellent chance to demonstrate respect. At some point in their professions, everyone is brand-new. Even though a new job may initially be difficult, getting respect throughout orientation and new employee training can really make a difference. It might also follow someone for the duration of their employment.

The effect comes full circle when staff members treat consumers with respect or become supervisors who continue the legacy while interacting with future staff members.

Leadership

All of the third-party debt collection agency's principles, including the fundamental elements of respect, are influenced by leadership. Another chance has presented itself for management to demonstrate by example the moral qualities of compliance.

Respect for clients, customers, employees, the agency, and other organizations is what leadership in this situation means.

The compliance attorneys, corporate compliance directors, and quality assurance divisions that make up the compliance management teams are supported in large part by leadership. Moreover, leadership oversees compliance training, including new employee orientation seminars and regular refresher training for seasoned managers and collectors.

Finally, leadership is demonstrated when supervisors or managers listen to and consider consumer concerns. Applying objectivity and critical thinking during these interactions instills a sense of fairness that is appreciated by consumers.

Commitment

Agencies and their clients place a high value on a commitment to compliance management system fulfillment. The following are examples of how commitment can advance collection agency ideals and compliance from a list compiled by Entrepreneur magazine, "The 10 Commitments for Success in Business":

• See the good.
• Work hard.
• Be consistent.
• Be passionate.
• Maintain self-respect.
• Keep things in balance.
• Seek feedback.

Naturally, the people and procedures that support each level of compliance are directly impacted by these obligations.

When it comes to communications, dedication to compliance begins at the top and moves down through middle management, supervisors, and lastly to customer service professionals that deal directly with customers.

Teamwork

While regulations alone rarely bring about change, it is crucial to keep in mind that the entire agency must fully support the idea of valuing consumers.

Initially, executive and senior managers collaborate with middle managers to keep in place current policies and practices or to create additional compliance layers as necessary. Also, collectors who are employed by the same departments and sections communicate and share knowledge. Then, customer service managers, leaders, and representatives compete with one another to reach quarterly collection targets while mentoring the new hires.

By advising further compliance training for new collectors who might diverge from current compliance standards or processes, the quality assurance department promotes teamwork.

Accountability

Accountability is a key component of practically all consumer protection regulations and serves as the checks and balances for agency compliance management systems. It also fits into the values structure of any collection agency.

By upholding compliance, providing transparency, and addressing the worries and interests of clients and their consumers, agencies foster accountability.

Accountability fosters the confidence of collectors who have received the necessary training to comprehend the bounds of the relevant laws. This self-assurance typically motivates them to come up with inventive and legal strategies for negotiating customer repayment solutions.

Collection Agency Values in a Third-Party Debt Collection Agency

Some organizations incorporate compliance components into their purpose, vision, and values. The phrase "treat customers, consumers, and associates with respect and integrity in a professional and ethical manner at all times" is part of a reputed debt collection agencies" mission statement and introduces the idea of respect. Other collection agency qualities included in the document include generosity, leadership, dedication, and devotion.

Internal management audits, vendor management rules, data security standards, payment processing practices, complaint and dispute resolution policies, record retention requirements, and more are all included in a debt collection agency's extensive compliance management system. These components highlight the agency's dedication and responsibility to customers and clients.

Contact a reputed third-party debt collection agency today to learn how their collection agency values and a compliance management system can improve your organization's ROI, brand protection, and customer retention.