In general, the debt collection industry suffers from a bad reputation. And the idea that a consumer in debt could describe their experiences working with a debt collection agency as positive is strange to many people. Closing the Books host Tyler Kern spoke with IC System Marketing Specialist Brian Eggert about these diverse perceptions and how best to set expectations when working with a debt collection company.
Eggert started working at IC System in 2001 as a part-time debt collector to help pay for his education. Since then, he has held various positions leading to a deep experience and understanding of the debt collection industry that few possess. His experience includes working in customer services, tender writing and marketing with involvement in all departments from operations to accounting to the mailroom. Currently, he is a marketing generalist and writes corporate content, including website copy, blogs, social media posts, and internal business communications.
The conversation began with an overview of the debt collection industry before the establishment of the Consumer Financial Protection Bureau. Although IC System has a track record of ethical collecting, “the collecting industry (as a whole) was a bit wild and less regulated before the Consumer Financial Protection Bureau came along,” Eggert said.
Eggert spoke of his company’s focus on creating a positive customer experience, one of the many reasons for his success. IC System surveys approximately 15,000 consumers/month and has an average success rate of 95% among consumers who are satisfied with how their issue was resolved. Not only is having such a high success rate rare in the industry, but the company goes one step further by investigating the remaining 5% to find out what went wrong.
This intriguing look at the debt collection industry continues to examine how IC System has evolved to meet changing rules and regulations, measures call quality, addresses the myths of working with an agency, the benefits of l debt collection outsourcing, collection rates, and more.
The bottom line at IC System is that they are ready to help consumers solve their financial problems and help customers recover their lost business. “We’re not just here to raise money,” Eggert said.