Collector- June 2018 - 43
* International Expansion. Agencies are
opening offices abroad or buying an
agency in another country to increase
their international footprint.
* Expanding into the Lending Model.
By refinancing a consumer's debt after
a certain number of monthly payments,
agencies are helping consumers fix their
credit, and get back on their feet and
out of collections.
* Broadening Specialties. This has
become a necessity for many agencies,
especially those that have been solely
dependent on student loan collections.
By broadening the types of debt they
collect, agencies are not only seeing
revenues increase, but also ensuring
that a change in regulation for one type
"With the increase
in debt, there will
undoubtedly be an
increase in accounts
being sent to
AGENCIES ARE DIVERSIFYING
Agencies have not been standing idly by
to wait and see what happens next; they
have been pursuing new ways to increase
revenue. These include:
of debt collection won't impact the
* BPOs. By offering call center and other
services outside of collections, agencies
can capitalize on using their core
competencies to expand their business
model outside of collections.
There has definitely been a more positive
buzz in the air lately. All indications point
toward the accounts receivable management
industry springing back from the impact
of the past several years. This rebound is
definitely a welcome sight!
Linda Straub Jones is director of collections
compliance for LexisNexis Risk Solutions.
She can be reached at linda.straub@
FALL FORUM & EXPO