home > michelle dunn in the press > eli research debt collection compliance alert december 2005 - debt buying
From Eli Financial Vol 2, No. 12 Pages 89-96
E-mail Eli Financial Vol 2, No. 12 Pages 89-96
As Featured in Eli Research Debt Collection Compliance Alert, Revenue-generating how-to tips and strategies for the collections professional.
"I can look at a portfolio from 50 different angles and probably still miss something," says John Pratt, a managing partner at Gahanna, OH-based Portfolio Management and also a member of Credit & Collections www.credit-and-collections.com Do you scrutinize debt portfolios so thoroughly before you buy? Maybe you should: Buying a bogus portfolio has put collection agencies out of business. Here are the minimal questions you should ask.
- How old is the debt? Older debt is cheaper of course, but newer debt is usually the most cost effective, says Michelle Dunn, a debt collection author and consultant based in Plymouth, NH. www.michelledunn.com
- Have other agencies worked the portfolio, and if so, how many? How you proceed with this information depends on you, Dunn advises. "I was confident that I collected better than other agencies, so I'd take these portfolios, knowing that I could collect."
- How many times has the portfolio been sold? Make sure the portfolio has been sold only once, Pratt recommends.
- Has the seller removed deceased accounts?
- Where does the debt originate? Start collecting accounts in your own state, Dunn recommends. Then you can learn local laws about small claims court, representing yourself, procedures for collecting judgements, garnishment and so forth.
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