Debt Collecting - Looking For Money

A professional debt collector often works with as many as 2,500 accounts at a time! This may seem like an overwhelming number, but with organization and strategy, coupled with an eye for distinguishing the good accounts from the bad, you can turn this into a tremendous opportunity.

You can use a computer program to separate and categorize accounts (software programs such as CUBS and Dauax are popular with collection agencies). Some computer programs let you prioritize your accounts from1 to 10, one's being your big money accounts - those you've sent the debtor out to get a loan in order to pay the debt or any other accounts involving large amounts of money where follow-up is vital. Some programs have a reminder feature, which will automatically bring accounts up on your screen when it's time to hit them again. You may be able to adapt other business accounting or tracking software to some of these uses if you don't want to invest in or have no need for the quite expensive software used by professional collectors. In any event, making creative use of computer programs can make a huge difference in your success level.

Evaluate your accounts and identify those, which have the potential for an immediate payoff. Any account where the debtor has or can obtain the money owed is one that deserves your daily attention. You'll have to make a lot of contacts in order to know which ones are the plums. Each week you have the opportunity to pluck the ripest accounts if you continue to make calls, stay in touch, remind them, apply pressure or warn them of impending action.

Contrary to what a lot of radio talk shows may suggest, bill collectors do not spend a lot of time bothering the poor or disabled. The collector is processing information, making evaluations, sticking with some decisions, adjusting or ditching others. If there is no money to be had the collector will move on to an account that offers a more rewarding outcome.

Time management demands that, in order to be successful, you have to make decisions based on fact and evaluate the collectability of each account. Spend more time on larger accounts, which have a greater likelihood of being collected quickly and in full. If you work harder and smarter you'll make the right calls and bring in good money.

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By Jim Finucan � 2004 Tiare Publications Group

Collections pro Jim Finucan show you how to double your collections success in" Past Due - A Debt Collecting Manual." It will turn your accounts receivable department into a money magnet! More info on this unique book is available at: http//www.tiare.com/pastdue.htm