Friday, November 04, 2011

The ethics of a collection agency.

Would all the money lenders decide favorably on a loan application considering they can always seek the help of a collection agency as a last resort in case of default by the loan receiver or do they purely consider the credit worthiness of the receiver?

This thought came to my mind after reading a series of newspaper stories of the success of collection agencies all over the world. Contrary to the popular belief that loan collectors use unsavory methods to collect money from the defaulters, I hear highly professional collection agencies engage only M.B.A.s and lawyers, who would certainly not stoop down to other ways to collect the money,

For example, if you care to visit the of the Kaplan group, you would know about the educational qualification of their collection staff and also read that it is a member of International Association of Commercial Collectors (AICC).

No fee guarantee!

The respected collection agencies don’t charge a fee if they fail to collect money from loan defaulters.

A valuable ethics-eh?

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