Finding, vetting, and on-boarding a new collections and recovery vendor is not easy or fast. You go through the trouble of wading through all of the potential vendors, assessing them, eliminating those with any red flags, and finally committing to onboard a vendor. So, whether you are outsourcing debt collections or adding new debt collections techology, you want to make sure those hard-won vendor relationships work well for you and last a long time.
Want strong vendor relationships? You need to have strong collections and recovery vendor mangement skills. How you manage those vendors will have a direct impact on how successful and lasting those relationships will be.
Good vendor management isn't an easy job. Creditors who are too prescriptive can damage their relationships with vendors. Those who are not prescriptive enough can find themselves at risk for regulatory or reputational damage. That’s why it’s critical for collections and recovery executives to open their channels of communication, keep those channels open, and keep an open mind if they want to strike the right balance.
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