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Introduction to Collections

Overview

This course will introduce the learner to the basic skills that are necessary in becoming a successful member of the institution’s Collections Department. The course will familiarize the learner with the various guidelines and strategies that make for timely and efficient collections. Upon the successful completion of this course, the learner will have a solid understanding of the following:

  • What delinquency is.
  • The various products offered by the institution and how they can affect the collections process.
  • How to make telephone calls to customers regarding collections.

Contents

T1. Introduction to Collections Training: This topic will provide the learner with an introduction to debt collection at the institution and the role of its Collections Department, the departments main objectives, and certain risks that can occur during the course of the collections process.

T2. Delinquency: This topic will familiarize the learner with the collections issue of delinquency, specifically bank-created delinquencies and customer-created delinquencies, and will provide the learner with some of the reasons that these delinquencies occur and appropriate actions that should be taken in response.

T3. Products and Collections: This topic will familiarize the learner with the various products, such as secured and unsecured-loans, the institution offers that can be affected in some way by the collections process.

T4. Collection Strategies: This topic will introduce the learner to the variety of tools and strategies that the Collector can use in order to attempt to recover unpaid debts, such as repossession or criminal litigation.

T5. Making a Call: This topic deals specifically with collections phone calls and provides the learner with proper procedures and strategies for making effective collections calls to customers, some of which include leaving messages and confirming identity.

T6. Third Party Guidelines: This topic provides the learner with a set of best practices that should be followed when contacting a party other than the customer in regard to that customers unpaid debt.

T7. Collections and Communication: This topic will familiarize the learner with the different types of communication skills that are crucial to being a successful member of the Collections Department at the institution, some these skills being active listening and the ability to ask the right questions.

T8. Applied Collection Techniques: This topic provides the learner with various guidelines and techniques that will prove to be invaluable in real life collection scenarios, the topic also provides the learner with sample scripts that can be used to prepare for different types of customers.

Please note that any legal and compliance references in this course will pertain to US legislation.