advertisement
By Fidelity National Credit Services, Ltd.

Our RTO partners offer a necessary service with a unique knowledge, skill and industry understanding. Our expertise is recovery for them.
Dan Jobrack, National Director of Business Development for FNCS

FNCS has a dedicated Rent to Own (RTO) and Payday Advance (PDA) recovery operation. Contact Dan Jobrack, National Director of Business Development at (209) 957-8361 or 1-800-648-9341.

Do some customers develop bad repayment habits or do they bring those habits with them when they get their first rental? The answer may be both. Although the majority of your customers will never have a payment problem, there will be those that get in over their head even though they looked good on the day they signed their agreement. This is a common risk in the sub-prime world of RTO services.

But how do you tell the difference between high risk agreements, if the primary customer base is high risk to begin with?

The answer is to watch for signs and fill in the gaps. Missing documentation as well as unanswered data on the application and other supporting paperwork all point towards the need to dig just a little bit deeper.

“The truth is many people come through the door with a lack of knowledge or understanding about money management” states Dan Jobrack, National Director of Business Development for FNCS, a 3rd party collection agency that maintains a distinct RTO/sub-prime collection department. “Young people are often denied the financial information tools generally provide by their parents in the growing up stages of their lives as are many older adults today” says Jobrack. It doesn’t take long before they enter the world of credit card debt, overdraft notices, unnecessary bank fees and yes, payment delinquency. When this occurs, forcing a client to manage their lack of funds close to the vest, the first decision generally made is to hold off on the payment of outstanding bills.

According to Abraham Maslow’s Hierarchy of Needs the first needs met by a human being will be that of food, shelter and clothing. A one to four times a month payment for an agreement with a Rent-to-Own store runs a distant second to a meal, dry bed and sound pair of shoes.

So what do you do when your customer becomes delinquent, defensive or appears to have vanished completely?

CALL FOR HELP! “Everybody has their area of expertise” says Jobrack. “Our RTO partners offer a necessary service with a unique knowledge, skill and industry understanding. Our expertise is recovery for them.” Although many RTO and PDL locations employ staff with collection skills or background it is often necessary to turn those needs over to an industry collection expert who is a specialist in recovery. This is not an admission of defeat! A call for help NEVER is. Instead it is conscious decisions by a sound business mind to know when it is time to call in the pro’s and get your money back.

For more information visit booth #866 at the RTO tradeshow (www.rtoonline.com ) or call Dan Jobrack at (209) 957-8361. You can also email Dan at djobrack@fidelitynationalcredit.com.