Award-winning author, and collector mentor Editorial Advisory Board member, Michelle Dunn, recently let us know that she has a free ebook up for grabs. The ebook, Effective Collections: A Proactive Approach to Credit Management, can be downloaded at http://www.updatefrom.com/wcg/1105/in_the_toolbox.asp free of charge for a limited time.
The book is perfect for small business owners and anyone else who is interested in gaining a better understanding of the credit cycle.
We’re excited to announce the launch of the Outstanding Collection Professionals program to honor front line employees in the credit and collection industry who perform their duties at an outstanding level of service and who represent the industry in a positive, professional manner.
“It’s no secret that the bad actors of the industry get more time in the spotlight,” said Gary Jensen, editor of collector mentor. “This initiative seeks to shift some of that attention towards those individuals who are committed to doing the right things for the right reasons and have a track record to prove it.”
The Outstanding Collection Professionals Program uses a nomination driven approach. Nominations can be submitted by anyone, however, managers and supervisors can benefit by using this program as an opportunity to recognize staff member contributions. Submissions can be made using an electronic online form or by accessing and downloading the hard copy equivalent.
“This program is a fantastic way to highlight not just the positive attributes of ARM companies, but to recognize the hard work of real people on the front lines of this industry who day in and day out do their jobs with dedication, integrity, and ethical responsibility,” said Michael Klozotsky, managing editor of insideARM.com.
Nominations will be reviewed by Jensen and by members of the editorial advisory board. Candidates will be selected on, but not limited to, the following criteria:
“I’ve served in the credit and collection industry for more than 12 years,” adds Jensen. “I’ve met many incredible collectors along the way and I feel a recognition platform for those individuals is long overdue.”
I first became acquainted with award winning author and columnist Michelle Dunn several years ago while searching the web for information on the ins and outs of starting a collection agency, and her book, Starting a Collection Agency, was one of the resources that I added to my library. Turns out that years later Michelle would become an member of the inaugural editorial advisory board for collector mentor Magazine. When asked to review her latest book, The Guide to Getting Paid, I was eager to take a peek at what would soon become the credit and collection industry’s newest resource for teaching others how to get paid.
Briefly describe what your book is about:
The Guide to Getting Paid: Weed out bad paying customers, collect on past due balances, and avoid bad debt teaches you how to manage your business credit and accounts payable and receivable in an efficient and effective way. With sample letters and forms, you’ll get detailed advice on how to create a simple credit policy that is tough but flexible, has specific action guidelines, and gets enforced consistently.
What led you to write this book?
When the economy took a nosedive in recent years, businesses in every industry suddenly had to make more collection calls than ever before. I found that many of those businesses didn’t have an effective credit policy in place, and they found themselves scrambling. Many fell behind on their own bills, and bad debt rippled through the economy.
What many business owners fail to realize is that credit management IS your business. A good credit policy will help you make more sales, increase cash flow, and make a profit.
A simple and effective credit policy will save you time, money, and headaches. I wrote this book to help business owners do just that, and I found a great publisher in Wiley who also thought this was an important book for business owners during these tough times.
How will this book help business owners?
The Guide to Getting Paid will help business owners to avoid the common mistakes businesses make, such as not checking credit, not getting any signed paperwork, or being unfamiliar with laws. The Guide to Getting Paid delivers step-by-step guidance on how to:
All things that are very important to a businesses bottom line, not just in this economy but in any economy.
What do you most enjoy about what you do?
I like being my own boss and publishing a new book that can help people be successful, I also enjoy teaching the classes I teach based on my books.
Can you share a business tip with our readers?
Educate yourself and never stop. Network effectively, and help others. It will come back to you and you will be successful.
Is there anything you would like to add?
Reading is learning. You can never know to much but you can know to little. Never stop learning and you will continue to grow professionally and personally. All resulting in good things.
How would someone reach you?
Michelle Dunn
P.O. Box 40
Plymouth, NH 03264
A couple of weeks ago Mike Ginsberg shared his thoughts on what he gets out of attending industry conferences: “My primary objective is always the same for every trade show that I attend: I set out to speak to as many people as possible so I can walk away with as broad a perspective as possible about the current affairs of the ARM industry.”
While people attend industry events for a mix of reasons, I personally subscribe to Mike’s philosophy. I want to broaden my perspective.
In late September, I had the honor of speaking at the ACA of Texas’ 63rd Annual Conference & Southwest Exposition, and instead of hitting the town after my presentation, I made it a point to stick around and attend as many sessions as I could in an effort to more fully understand the issues, challenges, and concerns currently facing the collection industry and agency owners. And, I’m glad I did. I learned new information about data security, virtual collections, and customer complaints. I left more knowledgeable than when I arrived. My perspective was broadened. Mission accomplished.
This week you have the opportunity to broaden your perspective without spending thousands of dollars to fly halfway around the country to attend an industry conference. On October 6, 2010 from 10am to 6pm, EST insideARM.com will host EXPO 10.6.10. It’s free and it’s virtual. You can attend from your office, a Starbucks, or while sitting on your couch in your pajamas. No lost luggage. No missed flights. Nobody telling you, “It’s not in the budget.”
Don’t mistakenly believe that this event is just for C-Suite executives. If you’re currently working on the frontline, or are swimming in the waters of middle management, this event is especially important for you. Let’s face it—your company probably won’t be sending you offsite any time soon. Quite frankly, it’s too expensive and turnover suggests you won’t be around long enough for them to recoup their return on investment.
This is a catch-22, because to learn the language of the C-Suite and move up the ladder you have to discover as much about the industry as you can. Thankfully, this week, you have that opportunity.
You will be able to network and meet new people, catch up with old friends, check out the latest vendor offerings, and take advantage of three educational webinars (complaint management, headline risk, and collector incentive programs). All of which will allow you to do one very important thing: broaden your perspective.
I’ve had the opportunity to work with, learn from and interview some great leaders over the years. When I ask what their secret to success has been, it always boils down to the same thing: Take advantage of every available resource in an effort to learn, grow, and continually broaden your perspective.
This week your challenge is to take advantage of at least one of the three educational webinars at Expo. Then come back here and share what you’ve learned in the comments section below.
1. What do you think about the virtual expo design and setup?
2. Did you make any new connections or catch up with an old friend?
3. What did you learn in the educational session you attended?
4. Did you learn about any new products?
5. How did you broaden your perspective?
I’ll be there. Will you?
Gary Jensen
Editor | collector mentor
To download companion worksheets to use with The collector mentor Challenge, please visit www.collectormentor.com/thechallenge.
The latest issue of collector mentor is now available for download.
In this issue:
Live Webinar
September 21, 2010 1pm EDT/12pm CDT
Duration: 75 minutes
Cost: $79 USD
Reserve your seat today!
The economic collapse that influenced creditors and collection agencies over the past 18 months had varying effects. More consumers (and businesses) fell behind on obligations, some for the first time ever, and many companies were forced to do more with less.
According to the latest insideARM.com Confidence Survey:
With placements, complaints, and lawsuits on the rise, collection executives must ensure their operation is adequately prepared to weather the storm as we head into 2011. This is especially true for those companies that have cut jobs and are now being forced to do more with less.
Attend The Perfect Storm - Economic Aftershocks: Managing Risk on Your Collection Floor in 2011 right from your computer on September 21st to receive these key takeaways:
Jaci Minges, Training & Quality Assurance Manager, Security National Automotive Acceptance Corporation
Jaci is the Training & Quality Assurance Manager of Security National Automotive Acceptance Corporation. Jaci has been in the ARM industry for 9 years. She is responsible for training and development of new and existing employees through formal and as well as informal training methods, quality assurance and compliance throughout the call center (customer service, collections and recovery), and dialer administration. She is currently working on earning her MS.Ed. and is a member of the ACA (Creditor’s International) and the American Society of Training and Development.
John McNamara, Chief Marketing Officer, LiveVox
Chief Marketing Officer for LiveVox and director and founder of Fidelis Recovery Solutions, Inc, John McNamara is a 27-year industry veteran with experience in all phases of collection and recovery operations with intense focus on technology applications, call center optimization and compliance management.
Prior to joining LiveVox, John was COO for AMO, SVP of Operations for Nationwide Credit/ACB and VP of Operations for United Recovery Systems, LP.
John is a frequent speaker/panelist/consultant and author addressing key issues and trends in the collection industry. John was recently named to Collection Advisor magazine’s list of the Top 50 Most Influential Collection Professionals for 2006. In 2007, John was appointed Vice President and Board Member of the Georgia Collectors Association. John was inducted into the Gerson Lehrman Group GLG Leaders Program in 2008, and John is the 2009 winner of the ACA Kurt Swersky award for leadership.
John is currently Chairman of the ACA Affiliate Committee, Board Member for collector mentor and member of the ACA Technology Committee.
John is a summa cum laude graduate of Kennesaw State University with a Bachelor of Business Administration degree in Finance. Lastly, John is a long suffering Kansas City Chiefs fan and a diehard Kansas Jayhawk.
Gary Jensen, Founder & Chief Learning Officer, Skills World
Gary Jensen is the founder and chief learning officer of Skills World – a training , coaching, and consulting company which specializes in serving members of the credit and collection industry. Gary has twelve years of industry experience and is a former ACA Certified Instructor, past member of ACA’s esteemed Education Council, and former ACA National Director.
Gary is also the creator and editor of collector mentor™ – the credit and collection industry’s premier training aid for frontline industry professionals. He has appeared as a guest speaker at several industry events and his articles and advice have appeared in many of the industry’s leading publications.
This is a lesson that all collection executives must have!
Reserve your seat today and then get ready for Part 3 – The Social Media Swarm on October 26 at 1pm EDT.
The harsh reality of life in the debt collection industry is that working nights and weekends, and an occasional holiday, is often necessary for achieving optimal results. Although many businesses closed this past Monday in celebration of Labor Day, some creditors and agencies choose to open up shop in hopes of contacting customers who were enjoying the day off from work. After all, calls need to be placed when customers are most likely to answer the phone (in accordance with all appropriate laws of course).
According to the U.S. Department of Labor, Labor Day “ … constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country.”
Although many mainstream media outlets would have us believe otherwise, debt collectors offer a very valuable service to the country and contribute to its strength, prosperity, and well-being. In fact, a 2008 PriceWaterhouseCoopers prepared a report for ACA International titled, Value of Third-Party Debt Collection to the U.S. Economy in 2007: Survey and Analysis, found that in 2007 debt collectors returned $40.4 billion to creditors, saving each American household approximately $354!
In honor of the thousands collectors, supervisors, and managers who labor in the industry, especially those who smiled and dialed on Monday, this week’s challenge will be short and sweet. Take a moment to download the collector mentor article “making a difference one call at a time.” Then, take out a sheet of paper and finish this sentence: “I’m proud to be a debt collector because …”
For extra credit, share your thoughts with your fellow coworkers. You might be surprised to learn the many different reasons why people are proud to be part of this very important profession.
1. Why are you proud to work in the collection industry?
2. When someone asks what you do for a living, do you try to hide the fact that you are a debt collector? Why?
3. If you have read the PriceWaterhouseCoopers report, what was your biggest takeaway?
4. Do you feel that your job allows you to make a difference in the lives of consumers?
Take pride in what you do!
Gary Jensen
Editor | collector mentor
To download companion worksheets to use with The collector mentor Challenge, please visit www.collectormentor.com/thechallenge.
Grand Rapids, MI (October 23, 2009) – They’re giving it all away, for free.
In an effort to combat the exploding number of FDCPA lawsuits plaguing American collection agencies, law firms and debt buyers, WebRecon LLC has announced an offer to scrub every collection firm’s consumer database, free of charge and with no further commitment or obligation. The offer covers each firm’s entire database, or up to 5 million consumers per company.
“Nearly 1000 new litigants are emerging every month, and 2009 is on track for a 40% spike in the number of FDCPA/FCRA lawsuits over 2008,” says company CEO Jack Gordon, who is a former collection agency owner himself.
He adds, “Debt collectors are under attack seemingly from every corner – radicalized debtors, consumer attorneys, federal agencies, Congress, state legislators, state attorney generals and the media. I am looking to give those who are the most besieged something of extraordinary value.”
Every lawsuit prevented can save many thousands of dollars. According to Gordon, a typical agency can identify dozens or even hundreds of prior litigants and head off any potential impending action from them.
The service, which is priced lower than the cost of defending or settling a single typical lawsuit per year, includes four components to help agencies identify prior litigants:
A searchable database of consumer lawsuits to find individual litigants, defendants or attorneys.
A batch process that can segregate prior litigants at the rate of one million accounts per hour.
A semi-monthly spreadsheet of all new litigation.
The semi-monthly ‘Litigant Hotsheet’ which quickly identifies the most active consumer litigants.
The companies that take advantage of this offer will have the option, at the end of the free scrub, to continue with the month-to-month service.
“Of course, I hope many of them will choose to stay on,” said Gordon, “but even if they just try it out and find some value from their initial scrubs, I will be happy to see them benefit from denying the professional litigants out there additional opportunities to extort money from our industry.”
Any collection firms who wish to learn more can visit www.webrecon.com/free
This offer expires on December 31, 2009, and slots are expected to fill up quickly.
About WebRecon LLC: Creditors and collection firms use WebRecon’s services to easily segregate predictably litigious consumers from their databases. A significant percentage of consumer litigation is initiated by the same consumers over and over again, and screening them out of the general population can reduce lawsuits by as much as a third.
For more information or interview requests, please contact:
Jack Gordon, CEO
WebRecon LLC, The FDCPA Litigant Alert
Web: www.WebRecon.com
Email: admin@webrecon.net
Phone: (616) 682-5327
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