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An Affirmation For the Credit and Collection Industry

LAS VEGAS — Walking away from this year’s RMA International annual conference, it’s hard not to be optimistic and excited about the prospects for the credit and collection industry’s future.

While the horizon for collection agencies and debt buyers is fairly clear, from a regulatory standpoint, at least, what struck me most during the event was the lengths to which so many companies and individuals were trying to learn. The sessions were often standing-room only with people looking to make sure they soaked up as much quality educational information as possible.

There was a dedicated commitment displayed to do more than just try to figure out how to collect as much as possible. Engaging with employees and consumers, making sure that companies are collecting ethically, and best practices in contacting and connecting with consumers were all shared and discussed.

There is no other industry like the credit and collection industry. No other industry which is so negatively stigmatized from the outside, but so dedicated to collaboration, cooperation, and doing the right thing on the inside.

To be sure, there will always be aggressive plaintiff’s attorneys looking to twist every word or piece of punctuation in a collection letter, and there will always be individuals who are mean, when you’re lucky enough to get them on the phone. But, at the end of the day, this industry is made up of companies and individuals who remain dedicated to not only following the letter of the law, but the spirit of it as well.

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