Make Your Collectors Pay

by Robert Pinchuck

The Collection Industry is evolving into a practical, compliance-conscious marketplace. With FDCPA lawsuits looming in everyone’s mind; all companies that employ collectors should require FDCPA Certification.  The reluctance of some collection industry employers generally is the financial investment.

There is a tremendous turnaround of employees in our industry.  Companies are footing the bill for this training for each and every collector – regardless of how long they are employed.  The collector leaves the company with this valuable education and training.  One solution is requiring the individual collector pay to be certified in FDCPA training as a requirement of their employment.

Many industries require employees to pay for their training and continuing education.  The financial burden should be on the employee as a prerequisite to employment. For example the Insurance; Medical; Banking; Real Estate; Legal, as well as many other industries require the employee to pay for mandatory certification and continuing education in order to work within those positions.  Why not collectors?

Credit grantors are demanding to know how companies train their collectors.  Mandatory certification as a term of employment is one way to prove to your clients that you take FDCPA compliance seriously. This also establishes a plausible defense should your company ever get sued.  Requiring the collector to pay for their education is not only a prudent business move but an incentive for the collector to take a more professional approach to their employment.

The cost is low and the benefits are great for all.  FDCPA Certification has created a Special Collector’s program $147 is the price for 1-10 enrollments, $97 for 11-25, $69 for 26-100, and for over 100 special pricing is available by contacting the corporate office.  A flexible payment installment plan is also available through contacting the corporate office for details.

The employer signs up their company’s collectors and simply deducts the cost from their collectors’ pay check.  The employer may opt to create an incentive plan of refunding back a certain portion or even a full refund based on the collector’s job performance and employment longevity; thus creating a link between compliance and workplace performance.

FDCPA Certification graduates report they are more confident on their collection calls and therefore collect more revenue for their companies.  FDCPA compliance is here to stay and getting your collectors to pay for their education is one way to uphold compliancy and remain profitable.  By mandating collectors pay for FDCPA Certification you can make compliance pay for itself.

For more information on the content of this article please contact (855) 239-4555

Robert Pinchuck publisher of Collection Industry News; partner in FDCPA Certification LLC; owner of Columbia Financial International, Inc. and publisher of The Columbia Law List established in 1905 will be writing a series of articles on FDCPA Certification and its effects on the Collection Industry.  Next in the series will be The Advantage of Daily Testing – How to Keep Your Collectors Compliant.