Debt Relief Industry Forecasts and Trends

Debt Collection Industry Sees Compliance and Customer Service as Key in 2012

Written by Steve Rhode

I need to vent for a moment. Have I not been saying now for some time now that in the debt relief industry both compliance to rules and regulations, along with exceptional customer service is the key to moving forward?

In fact in my latest article on this subject I was talking about how critical these issues are for the debt relief industry to have success in the future. See My Debt Relief Industry Forecast for 2012.

This is the year to ditch the fancy offices, hand back the expensive leased cars, get smarter about technology and reduce liabilities and legal costs by focusing on regulatory compliance and exceptional customer service. That is if you want to remain in this debt relief industry.

And as I said in 2010:

We need a debt settlement industry with members that are proud to disclose who they are, embrace transparency, embrace accountability and who meet to discuss better ways to help consumers, not screw them for maximum profit. – Source

According to a survey by Firstsource Solutions that was conducted at the recent Annual Debt Buyer’s Association International Conference in Las Vegas, the respondents that included executives across the debt buying industry, major credit card issuers, banking and payments professionals and collections companies, see the same focus points for the collections industry in 2012.

“The CFPB will undoubtedly create new rules and regulations for the collections industry,” said Tim Smith, Senior Vice President, Banking Financial Services & Insurance, Firstsource. “Instead of simply bracing for these changes, collections industry executives are moving compliance to the top of their agendas and developing compliance controls and initiatives that will allow them to better navigate this new regulatory environment.”

Six out of ten collection company respondents said increasing core competencies and more training for collectors was a key strategic priority for them. Eight out of ten said that better customer service was just as important as collecting.

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“We’re seeing a real sea of changes in the industry in terms of making the customer the number one priority,” said Smith. “Our findings show that collection executives are making customer experience just as important as collecting itself. This is not just lip service but a true commitment to making real changes to ensure customers are more satisfied and have a better overall experience.” – Source

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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