The role of a third-party debt collection is tough and this is quite challenging to contact people for discussing the debt along with a repayment plan. These jobs are constantly gaining much popularity. The Bureau of Labor Statistics stated a report mentioning that the debt collection jobs will increase by 19% in the decade. When the jobs are increasing, more openings are coming, the businesses are looking for the most reliable, stable, efficient and trustworthy debt collection agency. Here we will discuss the top ten qualities of debt collection agents. Let’s delve into more details.
Tips to Become a Successful Debt Collection Agent
- Improve Your Listening Skills
First, you should enhance the listening skill. Of course, you are the best at skip tracing, investigation and have outstanding skills for locating the debtors across multiple regions. When you contact the debtors, it is essential to listen to their worries. When you make a call to the debtors and elaborate the reason of calling, wait for them to answer. Even if they take a long pause, wait patiently and let them break the silence. There is always another side of the story and let them tell it, therefore, enhance the listening skills.
- Manage Emotions
It is quite natural for the debtors to get worried about the calls from the third-party debt collection agents. You may get emotional, agitated, angry upon receiving the call and hang up. If the debtors tell the story and reason of their constant non-payment statement, show compassion to them. You must be a little sensitive. You should manage your and their emotions at the same time. People might have genuine reasons of non-payment such as medical ground or job loss, especially, the first-time defaulters who had good repayment history. Rather than being angry, offer a debt repayment solution such as different payment option.
- Take Time
Debt collection agents are often in rush to make the final calls or conclusions. Rather than being in hurry and make prompt decisions, take enough time and speak slowly. Speaking in a maintained and well-paced voice will help the debtor understand the message clearly. When the messages are clear, you will have better performance. Moreover, you will be better able to influence the debtor for amount repayment.
- Do Your Research
B3efore making a call to the debtors, you should do a little research on the account. Try to know about the payment history, the outstanding and due amount among other things. When you know the facts on the account details, you are in a better state to deal with the debtor. Moreover, you can also bring the research in the negotiation process. Take an example. A debtor cannot claim to be broke if the debtor just has purchased a new car.
- Use technology and productivity tools
Software solutions for debt collection is a capable tool for making the entire process digitized. From categorizing the borrowers to predicting debt recovery rate and guiding team actions – everything is controlled by the solution. It helps in setting case priorities, planning and scheduling meetings, automated communications, and reminds to contact the debtors when the DPD or Days-Past-Due is over.
- Remain Realistic
You will encounter debtors that are unable to pay back their debts. Being realistic will aid in your comprehension of the circumstance and enable you to come up with a workable solution for the debtor.
- Follow a Clear and Concise Approach
It serves no purpose to deceive the debtor. As a result, make an effort to keep your approach concise and obvious. Give the debtor a clear and comprehensive explanation of the terms of collection. The best course of action is to be open and honest with the debtor.
- Be Persistent
You can become a superb debt collection agent by being persistent in your approach. If the debtor refuses to pay, hovers over you, or behaves rudely toward you, don't give up. Follow the debtor consistently and experiment with various strategies. Which recuperation technique will be effective is a mystery.
- Maintain Professionalism
When working as a collection agent, it is crucial to keep a professional demeanor. You can't engage the debtor in pointless debates and conflicts. The client can try to draw you into the debate and divert your focus from the goal. However, you should not let customer disputes distract you from your objectives.
- Understand Laws and Regulations
A debt collector must be aware of the laws and regulations and follow them. To make sure you are operating inside the law, you must adhere to the guidelines established by the FDCPA. You can have to deal with a number of legal problems if you break the rules. Therefore, when interacting with the debtor, respect the legal bounds.