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LenderSuite Loan Servicing SoftwareA guide for collecting
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How to hire a Collector

When hiring a Collector, try a nine-point check list. If you like the responses to five of the nine, hire. Later, help the Collector develop the other four. Here are the nine points of a Collector's Position Specification:

  1. Obtain a college graduate, where possible. Degree should be in a subject requiring ability to handle the language.
  2. Obtain past examples of resourcefulness... things s/he did a bit differently from the norm.
  3. Obtain past examples of where s/he listened well, then helped somebody.
  4. Obtain a few imaginative approaches (not necessarily correct) about how s/he would collect if you gave him/her a telephone call right now.
  5. Test his/her knowledge of policies and procedures on the previous occupation.
  6. Observe enthusiasm and energy as s/he sells his/her talents during the interview.
  7. Obtain a quality answer to the question: "What would be your ambitions in our company?"
  8. Look for a bit of cockiness and braggadocio. These are good Collector traits.
  9. Explain that collecting is a pressure job. Judge the quality of his/her answer to: "How well can you handle pressure?"

After you hire the Collector, switch from the foregoing nine points to the eleven Profile traits (see previous page). You'll be managing an outstanding better-cash-flow group.

Plus-one beefs up telephone collections
Tell your Collectors to make a blip on a piece of paper... every time they contact a debtor by phone...

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