By Fidelity National Credit Services, Ltd.

When receiving material from various sub-prime lending clients, including those of our RTO customers, we periodically find missing signatures by a customer, a lack of helpful information such as an SSN # or DOB and a host of other stumbling blocks that may reduce the speed of recovery.
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.

Insuring that standards are established and closely adhered to will almost always result in improved in-house collections reducing the number of your charged-off accounts.

According to Dan Jobrack, National Director of Business Development for FNCS, due diligence is often the make-or-break factor in a successful collection effort. “When receiving material from various sub-prime lending clients, including those of our RTO customers, we periodically find missing signatures by a customer, a lack of helpful information such as an SSN # or DOB and a host of other stumbling blocks that may reduce the speed of recovery” Jobrack reports.

Barron’s Educational Series, Inc. defines due diligence as “making a reasonable effort to provide accurate, complete information” (Answers.com). “Training is key to front line due diligence,” says Jobrack, “effective and thorough communication of standards and expectations can be the deciding factor whether a loss is collectable in a timely fashion or at all.”

Loss increases debt and prices as well as reducing profits. Jobrack states further that “many losses can be avoided with proper and consistent due diligence.” The more thorough the diligence the better supported a retailer is when placing a loss with a collection agency such as FNCS. Timeliness and completeness is the key to a rapid recovery.

Due diligence is necessary when seeking out a collection agency to recover losses as well. Cyndia Zwahlen, in a small business report for the L.A. Times, points out that businesses need to ensure financial stability of the agency they choose, that they are bonded and appropriately insured, are affiliated with reputable associations such as the ACA International that validate credibility and professionalism. “It is for this reason that FNCS maintains ongoing training of its collection staff, keeping up with statutes in all 50-states as well as our affiliations with CLLA, CAC, American Lawyers Quarterly, ACA, CCA and others” Jobrack reports. “Our customers deserve the best, most informed credible service available, and nothing less is acceptable.”

“Industry executives and trade groups advise picking a collection agency that specializes in your industry” Zwahlen states. Jobrack adds that “many of our RTO, PDL and Check Casher clients are relieved when they learn that FNCS maintains a department that is industry specific as they find comfort knowing FNCS understands their debt paper.”

No plan or program is 100% guaranteed and not all collections placed with any agency will be recovered on behalf of a retailer. Collections are sometimes a challenge. Effective, successful results almost an art form. Due diligence is the key to recovery reality.