A newly launched collections business may start off by purchasing a list of debtors from hospitals, credit card issuers or mortgage companies.
It might be assumed that collection efforts begin by cold calling debtors at home and delivering a somewhat demanding script. Federal regulations, however, need to be followed regarding how often and when collection agents may contact private individuals with outstanding consumer debts.
A well-designed AI-powered customer relations system can ensure that you’re lawfully using your cold calling services for debt collection.
A system dashboard also monitors and records your calls, which helps to maintain newly obtained information about your contacts.
Always Be Prepared
Some basic research regarding your list of prospects can help make meaningful connections that produce favorable outcomes.
Before speaking on the phone, review a reliable database containing a more than ample aggregate of data points regarding your prospects. You can discover general background information about your collection leads so that you’re not cold calling complete strangers.
Data aggregation tools reveal private and public records that can lead to stronger and more relevant solutions when negotiating a payment agreement.
A predictive dialer software system can take the guesswork out of reaching people at a bad time. By knowing the best time to reach your prospects, your cold calling efforts can have better outcomes.
Learning about unusual schedules, for instance, can help ensure you’re reaching out to someone during hours when he or she is awake or available for a conversation.
Speaking Professionally & Effectively
After learning a few personal details about your prospects, you should have gained enough confidence to begin a friendly conversation with a debtor.
Beginning the conversation by stating who you are, the name of your company and the purpose of your call is a legal requirement.
With a courteous and understanding tone, you can build trust and work towards a solution.
It’s not necessary to use language such as “you’re behind on your bills.” Your collection prospects know this and are probably feeling embarrassed.
Effectively communicating with debtors can hinge on how well you show them that you understand their current circumstances and that they’re not just a name you purchased from a batch of leads. By displaying empathy, you can place yourself in a position of someone offering them solutions.
Don’t Sound Like You’re an Adversary
Most debtors want to resolve their financial issues and will appreciate an opportunity to work with you on a plan that enables them to move forward.
Choosing from different cold calls scripts can provide some flexibility in discussing those issues that prevented a debtor from meeting his or her payment obligations.
Overall, it can work to your advantage to show a debtor you’re on the same page about coming to a solution. Working out payment arrangements customized for each debtor increases your chances of recovering.
Successful debt collection agents can earn up to 50% of the amount of an unpaid bill. If you’re willing to contact prospects and show you understand why they’re experiencing financial challenges, you can launch a lucrative career.
With the right AI-based system, you can monitor your calls and keep your contacts up-to-date while you also maintain compliance with state and federal laws.
