Having the right legal network in your collection strategy
can mean the difference between success or failure in your collections efforts. With a downturned economy comes the need to
find new and improved ways of collecting on unpaid debt and there is no better
way of learning these than through working with a legal network of collection
professionals. The words of Ken
Blanchard—renowned author, speaker and global leader in leadership training—certainly
ring true in this business: “None of us is as smart as all of us.”
Finding a nationwide legal network of professionals and
attorneys in the industry will make your collections practice an evolving
one—one that is aware of new industry trends and new approaches to successful
recovery methods. You will learn from
each other and obtain valuable insight from collections professionals who will
become trusted mentors. These
professional relationships will help grow your business and solidify its
success.
A legal network also adds that added punch to your
collections attempts, encouraging delinquent customers to pay more quickly due
to the multiple attorneys backing up the claim.
Everyone wants to avoid litigation (including you) and having a legal
network on your side helps make your collection attempts more “pressing” to the
average consumer who fails to pay their bills on time.
Additionally, a legal network will be able to help you
handle a wide variety of collections endeavors that might not be easy for a
traditional debt collection firm to handle.
These include contracts, international collections, insurance
subrogation, PPO claims and HMO disbursements, commercial/retail collections,
and high technology accounts. Legal
networks also provide the necessary resources for skip tracing to find contact
information for accounts in which the holder has moved or changed phone numbers
and jobs. This type of tracing is
extremely valuable in tracking down non-paying customers who are able to ward
off traditional debt collection strategies.
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