The "right" mind set of a professional debt collector – Debt Collection Best Practice
How do professional debt collectors think?
If you are new to the debt collection business or if you have been working as a debt collector for some time, as you gain and build your experience, sooner or later you will start thinking like a professional debt collector. You will start realizing some facts about the job like the key difference between a mediocre debt collector and a professional debt collector which is how they perceive debt collection. Professional debt collectors have the “right” mind set to debt collecting.
What we mean here by the right state of mind for debt collection simply is that every professional debt collector knows this fact:
This is how you should be thinking to be a successful debt collector:
Most debtors who owe money to you/your company are not paying not because they do not have the money, in most cases they do have the money but it's a matter of priorities, they just have more important things to pay first.
Another fact that debt collectors discover as they build on their debt collection skills is that as a professional debt collector it’s not enough to be informed about the credit and collection industry, a strong knowledgeable about your debtors and having good listening and a strong commitment to quality and performance are the foundation that every successful debt collector should have to be in the right state of mind for debt collection.
An excellent exercise for debt collectors:
This is an excellent exercise for debt collectors. To increase your debt collection skills, you have to prune through your debtors and start thinking what you should be doing to increase your priority in their priority list.
To increase their collection rate, debt collectors need to have the right mind set by knowing that in most cases, debtors do have the money to settle the debt but it’s just a matter of priorities and they and to have a strong argument ready to compel the debtor to move you up the priority list of your debtor and have him/her pay you now.