Since 1986, Resource Management Services, Inc. (RMS) has provided collection and recovery consulting services and vendor management expertise to credit grantors. Widely recognized as a leader and innovator in the collection and recovery industry, Resource Management Services, Inc. focuses on supporting their client’s goals of maximizing net returns from delinquent accounts. Whether creditors are collecting with internal efforts, or through partnerships with outsource providers and other industry vendors, Resource Management Services provides the client with reliable, insightful and innovative consulting services, concentrating on achieving improved returns from delinquent and charged-off accounts. In addition to consulting services, Resource Management Services had industry-related publications available, and provides conference event management to support the education and networking in the collection and recovery industry.
12 Dangerous Mistakes in Utilizing Collection Agencies
Maximizing recovery on delinquent accounts is a complex job. The agency relationship is not as simple as handing over the accounts and saying “collect it!” Sure, agencies work on commission and would like to collect all possible dollars. However, further review indicates that a complete agency management program can yield substantial increases in the net return to your company.
For many recovery managers, it is an issue of time, not inclination. Certainly we all want to do the job to the best of our ability. The demands of the recovery professional can be great and far reaching. Time to manage agencies is sometimes at the bottom of a lengthy To Do List. And, if we were able to accomplish just about everything on our To Do List, some well meaning boss would probably think that means we need a bigger list. So, we begin to realize that we have only so much time, and we'll need to adjust our management of the agency relationship based on that fact.
One way to look at how to manage effectively is to look at what not to do. Mistakes of other credit professionals can help establish a basis of understanding for better management. The twelve mistakes detailed below fall into key areas of:
Choosing an Agency
Placing Accounts
Commissions
Managing & Motivating
Measuring Agencies
Debt Connection Symposium and Expo™ 2010 September 14 - 16, 2010 - Red Rock - Las Vegas
Whether you are a Creditor, Debt Buyer, Collection Agency, Attorney or Industry Vendor, from the operations or relationship management side of the business, Debt Connection Symposium and Expo™, will provide you a high quality conference experience with a solid lineup of opportunities for your networking and educational needs. More...
Auditing Webinar Series
Resource Management Services, Inc. announces Auditing Webinar Series.
Conducted by Bev Evancic, Vice President, Resource Management Services, Inc., and author of Recovery Management: Collecting the Uncollectible Account. More...
RECOVERY MANAGEMENT: Collecting The Uncollectible Account
The basic concept of recovery management is to maximize collection dollars and net results on what are generally deemed uncollectible accounts. From quantifying the appropriate and most effective internal efforts to understanding how and when to use outside vendors, this book is a helpful resource for the recovery professional, whether your company originated the debt, or your company purchased the debt. More...
Understanding Dialers
The Essentials of Effective Collections will help identify areas that should be reviewed to ensure that you are able to maximize your results. It will also touch on areas to review if you are considering buying a dialer or replacing existing technology. More...
DebtConnection.com
DebtConnection.com is an internet resource that combines a user friendly format with a powerful database search engine and decision making capabilities to connect Debt Sellers, Debt Buyers, Creditors and Debt Owners, Collection Agencies and Attorneys, and Industry Product and Service Providers.
For more information, check out our sister corporation's website www.DebtConnection.com.
Debt Connection Symposium and Expo™ 2010
