Australian debt-chasing outfit Credit Corp is switching staff to US debt collection. Some key cultural differences apply.
It is a critical issue because debt collectors, dealing with personal information and trying to encourage repayments, need to ensure they are speaking to the customer.
The catch with ledgers is that speed is vital: debt can be harder to recoup as it ages. And Credit Corp said earnings in the past year were squeezed because not enough staff could be hired to work on US debt. “I think [US] people are just very desensitised and very wary of anyone calling them. You do need to be very credible [as a collector] and in the very few seconds that you have when the call opens you’ve got to convince people that you’re trustworthy and bona fide.”“Purchased debt ledgers depreciate in value over time, so any elongation of the collections profile, given the lower than optimal headcount, could impact anticipated returns,” JPMorgan analyst Russell Gill said.
“But the falling Australian credit card balances, which reduces the supply of new debt ledgers, may be structural given the rise of alternative forms of credit like buy now, pay later,” he said.this kind of debt potentially had some restrictions on collections and would probably come up less frequently than credit card debt.that rising Reserve Bank of Australia cash rates had not translated into an increase in collections work.
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