Credit Collection Jobs
Brent Marshall, President
Q: Tell us how you got your start in the collections industry.
A: I got into the collections industry through a family member. When I saw the money they were making, I wanted the same stability for myself. I interviewed with a medium-size agency and started training right away. With the help of some great trainers, managers, and associates, I was able to perform consistently in a relatively short time. It took several years for me to truly understand the inner workings of an agency. One agency in particular had an owner who truly allowed his employees to burgeon. Even though there was no tolerance for complaints, it was an open playing field with a “let the best collector win” mentality. Several of us made a ton of money. I saved up, and then invested in some worthwhile deals. Eventually, I was able to network with some powerful people, and put a strong business plan together.
Q: Can you tell us a little about your company? Is it first or third-party collections?
A: I began the agency as a third party debt purchase agency.
Q: If third party, do you work with contingency or purchased debt?
A: I saw how much energy was required to service clients, so I decided to eliminate that variable at first. Once the purchasing segment was running, I was able to hire on a business partner who worked on bringing in some great clients.
Q: If you were to hire a collector, what would you look for?
A: The most important thing in collections is the ability to communicate well. There are a lot of variables involved with the hiring process, and we look for a person who can balance a combination of skills well.
Q: Do you have any advice, such as resume or interview tips, for those seeking employment in collections?
A: Tell the truth! People in the collections industry listen to people lie to them all day long. It is impossible to lie to a seasoned collector.
Q: From your point of view, what kind of impact is the economic downturn having on the collections industry?
A: It has had more of an impact on the industry than most expected. If a company has a strong business strategy, and understands this is just part of a cyclical economy, then they will still prosper. Agencies have an extremely important role in the economy, and right now consumers quietly understand. Those companies who are servicing accounts as consumers start to better their financial future will in effect create a win-win situation.
Q: Change is constant, what are some changes that you see occurring in the collections industry?
A: I think consumers will dictate the change. As people are noticing, complaining about credit issuers just stops the credit issuers from issuing credit. Interest rates will inevitably go back up, and creditors will lend at higher levels.
A bill collector is the third oldest profession in the world, and it is not going anywhere soon.