Helping You Navigate The Collections Landscape

When evaluating and comparing debt collection agencies, two of the best metrics to consider are profit recovery rate and the overall success rate for settlement. As your likelihood for write-off increases drastically with each passing week after your debt holders go past due, it's critical to work with the collection agency that has the most thoroughly proven track record of success. 

You must be inquisitive about your prospective agencies' work standards, internal KPIs, and reporting practices to find the best partner for your organization and your team.

Read on to learn about the KPIs that you should care the most about, how they're affected, and when you should be skeptical of a debt collection agency's reporting.

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There are many ways to evaluate commercial debt collection agencies. The objective of your evaluation is to hold your agency partner accountable by clearly establishing your working models, KPIs, and your SLA to create a full scope of work. You'll consider a variety of performance factors, both quantitative and qualitative, and hold these up against your own expectations as well as defined industry standards.

Ultimately, the bottom-line benefit you receive from your collection agency partner will outweigh any single evaluation factor or KPI. This is a partnership between the agency and the client, and the client will have to hold the agency accountable for recovery rate and times, data reporting, and how the overall partnership is going.

With that said, the following metrics are certainly important to consider when determining who your ideal collections partner will be.

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The United States Department of Education (ED) recently announced two additional regulations (designated REPAYE or Revised Pay As You Earn) which are intended to ease the burden of federal student loan repayment. The REPAYE initiative complements an earlier memorandum issued by President Obama on June 2014 by expanding the “Pay As You Earn” plan to an additional five million borrowers involved in Federal Direct Loans.

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