Regulations and practices vary from company to company, so credit card debt collection training for one lender may be quite different from training developed by another lender. All debt collectors must learn to work within the confines of the laws pertaining to debt collection.
Training Through Education
A person who is interested in learning the ins and outs of credit card debt collection training can enroll in an educational program regardless of past financial experience or current occupational status. Programs include training curriculum developed by collections professionals and programs available through accredited colleges and universities.
Job Preparation Training
Although completing one of these courses will not result in a degree, doing so may increase a person's odds of receiving a job offer from a collection agency or department:
- Collection Training offers training through VHS or DVD presentations. The training is designed to assist credit card collectors with effectively handling an attempt at engaging the customer in conversation while also obtaining some form of payment.
- Collect! offers debt collection software that is supposed to maximize efficiency and profitability for collection companies while training collectors the best way to approach a collections call. This is not software that a prospective collector would purchase on his or her own, but rather is designed for purchase by collection companies.
- Bankers Academy features an extensive list of training programs available for purchase including credit card debt collection training. Courses are available for purchase to individuals as well as to financial institutions and collection companies.
Finance and banking degrees may feature coursework concentrating on best practices for collection efforts. Check with a local college or university to see if classes are offered for collections. Any class you take will accentuate your résumé and make you a more attractive candidate for a position within credit card collections.
The Importance of Training
Why is proper training so important for credit card debt collectors? Two major reasons include:
- Lenders and collection agencies want their money. The best way to make sure that collectors are working as efficiently and effectively as possible is to give them the proper training and tools for the job. A great training program - whether created in house or purchased through another source - is vital for a successful group of collectors.
- Regulations are rigid and highly enforced. The Fair Debt Collection Practices Act and various state regulations set standards for all employees involved with collections. Going against any of these laws and regulations can quickly result in hefty fines, but it is virtually impossible for employees to know the intricacies of the rules unless they have gone through some form of training.
Credit card debt collection can be a tricky field to navigate. Not only are some clients reluctant to deal with collectors at all, but people in financial trouble commonly put credit card debt at the very bottom of the list of debts to get paid. For this reason, collectors in this field should have proper and extensive training to learn how to deal with debtors.
The laws regarding credit card debt collections can be quite restrictive, but proper training can teach collectors how to work with the rules instead of against them.