In today’s environment of regulation, financial instability and security risk, many in the debt collection industry consider it mandatory to have an audit and compliance process in place to protect their financial assets. Asset buyers and other forwarders want to ensure their vendors do quality, honest and safe work.
ACA Fall Forum Session Promotes Audits
“It’s a good idea to investigate third-party collection vendors [agencies or law firms] that are collecting on your accounts,” commented Thom Majka, Director of Business Development for DebtNext Solutions, LLC, during an ACA Fall Forum session entitled Outsourcing Collections: Compliance and Auditing Collection Agencies.
ACA Members can find an article based on the session that contains more information about the auditing process at http://www.acainternational.org/assetbuyers-auditing-collection-partners-22057.aspx
National List of Attorneys Screening Is Important First Step
National List attorneys are carefully screened in a number of ways to ensure a profitable and safe match with clients. Work standards, account placement volumes, technology, security, and financial requirements are all considered. Even though The National List (NL) does not do an onsite audit or a financial audit, as a client, you have access to additional resources available through our Alliance Partnerships that can help you feel even more secure about where you place your claims.
Alliance Partner Provides Added Value and Security
Over the past four years, DebtNext, a NL Alliance Partner, has performed over 200 operational field audits on the industry’s leading collection law firms and agencies, for the leading companies in the debt buying, utility, telecommunications and healthcare industries.
“It’s not what you expect, it’s what you inspect,” Majka, said. “We want to highlight the strengths of a vendor, pinpoint some weaknesses and grow revenues for everybody. It is important to get a feel for a vendor’s strengths and weaknesses.” Majka thinks that, “All forwarders need a review/audit process of their vendors. Depending on their infrastructure they need to have someone internally manage the process or outsource the process.”
Many National List forwarders audit the law firms they work with on an annual basis. “Developing a cost-effective auditing process validates and holds a law firm accountable,” Majka said. “DebtNext educates and encourages all of its clients to use NL services to find representation, and helps them to better understand the value of the NL, their insurance and customer service. [By performing audits,] we also act as an industry resource to the NL and its members.” The National List and DebtNext complement each other. Both companies offer services that lower cost while increasing revenue opportunities, and providing safeguards for compliance issues.
Mutual Clients Finds “Strength in Partnerships”
The National List and DebtNext have several mutual clients who are industry-leading debt buyers. The clients trust the vendor recommendations, service and insurance provided by The National List. Technology and supporting services offered by DebtNext are crucial in the management of their vendor teams and the millions of dollars that they place for collection. These partnerships help to provide protection for the financial assets of the participants and minimize risk.
Majka’s final words in the ACA ariticle: “You’re trusting millions of dollars with your outside collection vendors. Why wouldn’t you want to develop a formal program to ensure they’re protecting your company’s best interests?”
The National List recommends DebtNext products and services. To learn more about how they can help your business through these perilous times, contact Thom Majka directly at tmajka@debtnext.com or by phone at 330-665-0400 ext 104.
by Beverly Unrath, Director of Business Development, The National List
Categories: Business Relationships, NL Insider
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