It’s a complicated relationship. On one hand, third-party agencies rely on creditors for accounts, so rocking the boat may not always be in an agency’s best interest. Requesting indemnification for any erroneous information seems like an easy solution – until you realize that there are likely many agencies willing to roll the dice and not require any indemnification.
On the other hand, though – collectors are in a tough spot. They get blamed for all evil-doing when it comes to calling consumers and asking payment for debts owed. What is almost never talked about is that these companies are hired by someone – a creditor – and the creditor plays a much bigger role in the behavior of debt collection agencies than most people realize.
Monarch would love to hear some of our colleagues’ feedback on how they deal with the line between PR and Profitability. What are some ways to handle the creditor relationship?