Debt collection agents usually work for a debt collection agency, also called a third-party debt collector, that specialises in debt recovery.
In the debt collection arena, a first-party debt collector is the original company that is owed money. After trying for several months to recover the debt, they will hand it over to a debt collection agent. Either they will sell the debt to recoup a portion of the money, or they will give the agent a percentage of the amount collected.
As a debt collection agent, you need to be empathetic and able to communicate well. Usually, the best outcomes come from working together with people who owe money to work out a fair resolution. An agent’s activities include:
For the protection of customers and to make the debt collection process fair, both agents and consumers need to understand their rights and obligations as well as the regulations governing debt collection agencies.
There is advanced debt collection software available that uses conversational AI messaging via multiple channels to engage with customers. This conversational approach allows debt collection agents to have two-way interactions with customers that are less aggressive, more supportive and more effective at producing results than one-way demand correspondence methods. With the right conversational messaging software, an agent can go from closing 60 conversations a day to over 300, which is a huge win for collection agent efficiency.
Benefits of Conversational AI Messaging for a Debt Collection Agent
