Collection agents now can utilize the document locater to obtain files containing debtor information and are able to use this data to answer their queries over the phone in real time. This is helpful for the company because it is more efficient. Before the shift, payers oftentimes needed to wait on the phone for information, or even for a call back from the collections company.

Being able to quickly access information is a useful and effective way to collect, because contacting debtors may prove to be difficult. If an agent does get a payer on the phone, it can prove to be frustrating to wait on questions and often times a debtor may not be able to answer a call back from a collections company.

Financially the new system has turned out to be profitable. With the new green system, hours of work are eliminated. No more typing, filing, or copying is required, leaving agents with more time to contact debtors rather than do clerical work.

The new system also lends to professionalism of the company. It may seem like a collection agency is uninformed when they cannot access information immediately. The more creditable an agency seems, the more likely those in debt are to take the company seriously. Although shifting the information to software and purchasing the software itself may be costly at first, the whole procedure seems to pay for itself. A manager at Pacific Northwest Collections asserts that the company saves $2,000 with the new system.

In a bad economy, collection agencies may struggle with retrieving money from those in debt. Companies who are creative and can think outside of the box may very well turn out to be the most successful.

Mallory McGuinness-Hickey is employed by debt collection agency Rapid Recovery Solution and writes free lance articles on financial news and other subjects.