The Collection Advisor

Financial Debt Recovery: 3 Reasons Top Banks Use a Collection Agency

Posted by Brian Summerfelt on Jun 21, 2018 7:35:28 AM

Most Canadian banks, credit unions and other financial institutions have in-house collections departments as part of their risk management and loss reduction infrastructures. For the most part, these offices are staffed with highly competent financial services debt recovery teams and perform very well at collecting defaults on credit card debt, mortgages, lines of credit, leases, and other banking and financial services lending products.

So then why would these financial institutions need a collection agency, you may wonder. At MetCredit, some of our best, longest-standing client relationships are with banks, credit unions and other financial services providers. 

 

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In fact, we have provided uninterrupted financial debt recovery services to one of Canada’s biggest banks since 1974—our second year in business! 

Here are three great reasons why top banks and other lenders use a collection agency:

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Topics: Insider Tips, Consumer Debt Collection, credit score

3 Unforgivable Debt Collection Mistakes You’re Making Now

Posted by Brian Summerfelt on Aug 10, 2016 3:23:05 PM

We all make mistakes. Some are just worse than others.

In debt collection, there are three big failures we see every day, and they cost businesses a ton of money. What makes them unforgivable is that every one is quite easily prevented.

Here are The Unforgivable Three, and what you can do to avoid them – starting now.

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Topics: Debt Collection, Insider Tips

Getting the (Secret) Best Deal in Commercial Debt Collection

Posted by Brian Summerfelt on Dec 1, 2015 9:09:08 AM

When it comes to collecting debt in 2017, forget Clark Kent. This is a job for Superman.

The debt collection landscape is changing at an unprecedented rate these days. Credit grantors need their Accounts Receivable reined in, and are under pressure to do it at the lowest possible cost. In places like Alberta right now, debt has suddenly become substantially harder to collect, making recovery an urgent matter for businesses. 

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Topics: Commercial Collection Agency, Debt Collection, Insider Tips

The 3 most Costly Words in Commercial Debt Collection

Posted by Brian Summerfelt on Nov 16, 2015 11:00:06 AM

"Bear with us."

Those three words, in a debt collection context, can cost you a bundle. They're part of a stall tactic commonly used to buy additional weeks or months, usually after an account is already past the agreed-upon due date.

And if you're involved in commercial debt collection at any level, you've probably succumbed to waiting a little longer, remembering the old adage that patience is a virtue. No one wants to appear money-starved to a customer: there is naturally a strong inclination to show we're successful and agreeable.

What harm can it do to wait a little longer?

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Topics: Debt Collection, Insider Tips

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