Agencies – New Challenges

Collection Agencies Face New Challenges

In the current collections market, collection agencies face two major challenges that limit their potential for revenue growth:

  1. Limited account placements: Even at the best agencies, only a certain percentage of accounts ever become payers. Agencies require an increasing flow of additional account placements to maintain sustained revenue growth.
  2. Limited information on placed accounts: Credit agencies require information on debtors to identify collections segments and collect on accounts. Agencies must rely on data vendors to obtain this information, which can be cost prohibitive when trying to boost collection numbers.

Necessary information factors for an ideal collections account:

  • Up to date address
  • High credit score
  • Cell phone information
  • Landline information
  • Job information
  • Bank information

Without this information, agencies are unable to maximize collections in their account portfolios.

 

A Unique Solution from a National Law Firm

 

Eltman Law has a large volume of accounts with all of this information. While these accounts would be considered ideal collections accounts for most agencies, they are not a good match for our firm. We do not have a proper outbound calling operation, so we are unable to liquidate this inventory.

 

We would like to forward these accounts to an agency that would be better equipped to collect on them. If your agency has a robust call-and-collect operation, please reach out to us.

 

For more information:
Call 212.660.3164 or e-mail: BrBoyle@eltmanlaw.com

Eltman Law (www.eltmanlaw.com) is the industry leader in unpaid judgment management. Our innovative process uses deep data mining, nationwide asset investigations, and nationwide legal executions, to liquidate on accounts that other firms could not find value in.

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Agencies – Tired of Calling Accounts With No Data?

Tired of Calling Accounts With No Data?

Despite the vast amount of information options currently on the marketplace, collection agencies still face many of the same problems.

Collectors often find themselves wasting their time trying to collect on accounts that do not have accurate data on the debtor. In many cases, accounts without accurate data will never liquidate, no matter how you tailor your calling strategy.

In order to maximize collections on their accounts, they need to get confirmed information on their accounts, such as: address, credit score, phone number, and job/bank information.

While agencies can solve these problems by relying on data vendors, that can come at a cheap cost. Devoting monetary and operations resources to costly data vendor management can pull resources away from revenue-generating collections.

For many collection agencies, it’s a catch-22: either devote more resources to data investigation, or let your collectors waste their time on accounts without accurate data.

Eltman Law wants to help these agencies with a win-win scenario. Eltman Law currently has a large pool of accounts with confirmed data. However, we do not have a call-and-collect campaign to collect on these accounts.

We would like to place these highly-collectible accounts out to a capable agency so that we can focus on what we do best – thorough account investigation – and leave the collections to the experts.

Call (212) 660-3164 and give us a quick summary of what you consider “ideal accounts”. We’ll give you the next steps.

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Agencies – Enhance Your Legal Collection Strategy with the Nation’s Judgment Enforcement Pioneer

Enhance Your Legal Collection Strategy with the Nation’s Judgment Enforcement Pioneer

Collection agencies face new challenges as clients place fewer accounts and more demands on their collection agencies. In many cases, clients are pressuring their collectors to add or refine a legal collections strategy in back of their existing calling operations.

It is crucial for collection agencies to adapt to the changing industry and meet clients’ new demands. However, most agencies are not equipped to manage an elaborate legal network.

Eltman Law has developed a simple solution that adds a strong CFPB-compliant legal layer to any collections strategy. This helps agencies strengthen their client relationships with a unique value proposition and create a new revenue source in accounts they would ordinarily not be able to collect on.

Strengthen Your Existing Legal Network

Some collection agencies have taken proactive action to meet client expectations with a basic legal network designed to work in back of their existing collections. While this solution may work in the short term, clients will likely demand a more robust network that can operate in more states and collect on more legal-eligible accounts.

Collection agencies no longer need to forge relationships with individual firms from state to state. Eltman Law practices directly in 11 states and enforces judgments nationwide, allowing collection agencies to significantly expand their legal footprint while only contracting one additional firm.

What If You “Don’t Do Legal”?

Firms that have not yet expanded into legal collections face even bigger challenges. Managing a legal network comes with a long list of concerns and requirements that can scare off traditional collectors.

Eltman Law has developed a simple plug-and-play legal network solution for collection agencies. By partnering with Eltman, collectors can establish a comprehensive nationwide legal strategy including presence in multiple states, judgment enforcement, and industry-leading compliance control – all from one firm.

Call (212) 660-3164 and tell us if you use a legal network – then we can present an ideal legal collections solution for your firm.

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