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Collection Professionals

Collections professionals serve a vital role in assisting businesses with resolution of outstanding receivables. Trade associations estimate the number of collections professionals at more than 6,500 in the United States. Finding a dependable collections professional that can resolve outstanding receivables while adhering to state and federal collections law is a challenge and a necessity.

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Here are a few of the criteria that Goldline Research uses when evaluating a dependable Collections Professional:

  • The number of years of experience
  • Any industry specialization that the firm/professional offers
  • The range of services and/or products offered by the firm/professional (e.g. collections, factoring, debt purchasing, etc.)
  • FDCPA, FCRA and other federal/state compliance issues
  • The number of total staff
  • The number of collections professionals on staff
  • The number of attorneys on staff (and where they are admitted)
  • Advanced certifications and/or training held by staff
  • An analysis of recoveries made over the last 12 months
  • An analysis of recoveries made over the history of the firm/professional
  • An analysis of the average annual recoveries
  • An analysis of recovery rates
  • An analysis of insurance coverage in place (e.g. errors and omissions, disaster recovery, etc.)
  • Partnerships with third party attorneys for collections actions
  • Licensing (local, state, federal), if applicable
  • Geographic service area
  • An analysis of SAS 70 compliance and other internal controls standards
  • An analysis of security measures in place to protect client and consumer data
  • The use of software (e.g. skip trace) or data mining to track debtor whereabouts
  • The number of active clients
  • The number of total clients
  • An analysis of any client additions in the last 12 months
  • An analysis of any client losses in the last 12 months
  • The quality of client references
  • A review of any outstanding lawsuits, grievances and/or complaints against the firm/professional
  • The firm’s/professional’s key differentiators