Debt Collection Management Masterclass

Learn how to manage delinquency and increase collection with tried and tested strategies.

What you'll learn

Learn the importance of collections

Understand the basic concepts of how credit cards work

Know the different delinquency cycles in collections

Understand the different terminologies and formulas used in collections

Know the various teams involved in collections and their specific roles and responsibilities

Gain an understanding of the various stages of delinquency

Obtain an understanding of the necessary skills and training for your team to effectively handle the different stages of delinquency

Learn the various collection strategies that can be implemented at each stage of the process

Apply the concepts and skills learned in this course to your non-credit card business.

Negotiation techniques that will make your collection agents more effective

How to evaluate the calls of your agents and properly coach them

The importance of having clear and well-defined policies in your operations manual

The different payment schemes you can offer to clients

How to manage debt collection agencies

Alternatives to endorsing accounts to debt collection agencies

Requirements

In this course, you will learn the end-to-end collection process in credit cards and how to apply them to your work or business without any prior experience required.

Description

What is This Course About?There are two ways to learn in life and in business. The first is to learn from experience while the second is to learn from others. While this course discusses the end-to-end collection process in the credit card industry, most of the things you will learn here may also be applied to different industries and companies that deal with credit and delinquent accounts. With over twenty years of experience in the collection industry, this course is a compilation of all the valuable lessons I learned on how companies managed their delinquent portfolio and continued to become profitable despite the various challenges they faced. When applied correctly, these lessons can significantly help companies involved in loans and credit avoid costly mistakes.This self-paced online course has been designed to provide everything you need to know about the debt collection process, thus giving you the skills and confidence to manage the end-to-end process effectively.The course is around 5 hours long and the topics that will be discussed are:1. The importance of collections2. The basic concepts of how credit cards work3. The different delinquency cycles in collections4. Collection terms and formulas to help you better understand the health of your portfolio5. Different teams in collections and what each of them does6. The different stages of delinquency7. The skills and training your team needs during these stages8. Various collection strategies that you can implement at each stage9. How you can apply what you learned to your non-credit cards business10. Negotiation techniques that will make your collection agents more effective11. How to evaluate the calls of your agents and properly coach them12. The importance of having clear and well-defined policies in your operations manual13. The different payment schemes you can offer to clients14. How to manage debt collection agencies15. Alternatives to endorsing accounts to debt collection agenciesAside from these, you’ll also have access to materials that can be used as templates for call monitoring, account audit, payment arrangement scheme, and full settlement discount matrix.Who is This Course For?This course is not just for people who work in the credit card industry and would like to learn about how a collections department works. The lessons in this course may also be applied to your lending business, especially if you’re having problems managing your portfolio’s delinquency. Given the long history of credit cards, you will learn a lot about how credit card issuers have effectively managed their delinquencies and sustained the profitability of their businesses. You can then apply these best practices and even customize them to suit your company’s needs.Just to give you an example, a president of a crowdfunding platform that helps finance farmers approached me several years ago. He wanted me to be their consultant since their delinquency was growing at quite an alarming rate at that time. After a series of meetings and a couple of months later, their company changed its collection team’s structure based on what we’ve discussed. They were also able to set-up more efficient and effective systems that helped them better manage the health of their portfolio. Even though they were in a totally different and unrelated field, the concepts they learned in our discussions helped them craft collection strategies applicable to their business. This eventually led to the lower delinquency rates that they are enjoying right now.Who Am I?As a debt collection consultant, I bring a wealth of experience to the table. I spent 18 years in credit card collections, with 16 of those years at a multinational bank and the last 2 as the head of collections for a local bank, where I basically rebuilt the department from the ground up. In the past few years, I've worked as a consultant for a number of businesses, helping them improve and streamline their processes in order to effectively manage delinquency and increase their profitability.Through this course, I am offering you 20 years of knowledge and expertise in debt collection. Upon completion, you will have a comprehensive understanding of how to establish and operate a successful collections team. If you're new to the field or your business is experiencing above-average delinquency, the information you will gain from this course will be extremely valuable as it can help you and your company avoid or correct costly mistakes and save time in the long run.

Overview

Section 1: Introduction - Start Here

Lecture 1 Welcome to the Course

Lecture 2 What You'll Learn From This Course

Lecture 3 Who Should Take This Course

Section 2: Importance of Collections

Lecture 4 Why You Should Invest in Collections

Lecture 5 Word to the Wise

Section 3: Credit Card Collections 101

Lecture 6 Important Dates and Delinquency Cycles

Lecture 7 Collection Terms and Formulas

Section 4: Teams

Lecture 8 Getting the Right People

Lecture 9 In-house, Recoveries and Special Arrangements

Lecture 10 Inbound

Lecture 11 Digital Channels and Admin

Lecture 12 Compliance

Lecture 13 Training and Engagement

Lecture 14 Internal Skips

Lecture 15 Analytics

Section 5: Collection Stages: Frontend

Lecture 16 Account Profile and Agent Profile

Lecture 17 Skills and Training

Lecture 18 Frontend Collection Strategies Part 1

Lecture 19 Frontend Collection Strategies Part 2

Lecture 20 How to Apply the Lessons to Your Non-Cards Business

Section 6: Collection Stages: Midrange

Lecture 21 Account Profile, Agent Profile and Skills & Training Part 1

Lecture 22 Skills & Training Part 2 - Negotiation Skills

Lecture 23 Negotiation: Anchoring

Lecture 24 Negotiation: Empathy

Lecture 25 Negotiation: Reciprocity

Lecture 26 Negotiation: Loss Aversion

Lecture 27 Midrange Collection Strategies

Lecture 28 How to Apply the Lessons to Your Non-Cards Business

Section 7: Collection Stages: Hardcore

Lecture 29 Account Profile and Agent Profile

Lecture 30 Skills & Training

Lecture 31 Hardcore Collection Strategies

Lecture 32 How to Apply the Lessons to Your Non-Cards Business

Section 8: Collection Stages: Recoveries

Lecture 33 Introduction to Recoveries

Lecture 34 Team Structure

Lecture 35 Recoveries Agent Profile

Lecture 36 Account Profile

Lecture 37 Stages in Recoveries

Lecture 38 Skills & Training

Lecture 39 Recoveries Strategies

Lecture 40 How to Apply the Lessons to Your Non-Cards Business

Section 9: Litigation and Debt Sale

Lecture 41 What are Litigation and Debt Sale?

Section 10: Final Section

Lecture 42 Contact Me

This course is not only for individuals who work in the credit card industry and wish to learn about the inner workings of a collections department. The knowledge and skills gained from this course can also be applied to other lending businesses that may be facing challenges in managing delinquency in their portfolio. With a deep understanding of the history and best practices of credit card issuers in effectively managing delinquency and maintaining profitability, you will be able to tailor these strategies to the specific needs of your company.