Collection agencies get a bad rap sometimes. They are also known to some as a debt collector and they are engaged in the type of business that pursues the payment of debts that individuals or businesses owe. In some cases, these agencies are connected to the original creditors and collect a fee or a percentage of the amount that is ultimately collected from an individual. In other cases the collection agency may be purchasing the debt on the open market in hopes of collecting on debts that original creditors have written off as a loss. It is a quickly evolving and fast-paced business. There are many elements to collecting debts which include technology, customer service and regulations as well. Needless to say managing a body of collections requires critical thinking and organizational skills that call on the most professional of an individual’s skills. Leaders in this realm emerge quickly because they are adept at thinking strategically and building teams towards goals that they establish. There is always an opportunity to implement better and more effective solutions and the result is maximizing efforts any ultimate outcome in every situation possible. Internally, agencies require leadership and the type of coaching and mentoring that can deliver training materials, maximized internal resources and most importantly results. With an enhanced knowledge of account liquidation and litigation procedures, Ken Wargo performed as a paralegal debt collector and throughout his years in that position he was able to exemplify his skill in compliance, audit and security procedures. He also served as an account manager for a variety of financial services and recovery systems. His skills include strategic liquidation, team development, and installment plans.
It is important to note, says Wargo, that, in the last several years at least, the banking standards have become ever increasing toward compliance. As a result of the banking crisis, major lenders have changed the way business transactions are handled. Most companies are now more concerned about fair debt practices and adherence to strict customer policies.
It is important to note, says Wargo, that, in the last several years at least, the banking standards have become ever increasing toward compliance. As a result of the banking crisis, major lenders have changed the way business transactions are handled. Most companies are now more concerned about fair debt practices and adherence to strict customer policies.