Building trust and busting myths about debt collection

"There’s a critical need in our economy for the work debt collectors do, but many people have misconceptions about how we go about that work. It may come as a surprise to some that treating customers with fairness, empathy and respect is not only the right thing to do, it’s also the best course for our business.

"That’s because – contrary to popular belief – we have the same objectives as our customers. They want to reset, put challenges behind them, and regain their economic freedom. We want to help them clear their debt in the shortest affordable time and in a manner that works for them. If we work together toward that goal, we’ll both be successful.

"However, success only comes when we build trust with our customers, and people who don’t know us can be wary of our industry. To earn customers’ trust, it has to be embedded in our own people and culture.
At Cabot Credit Management, we create that culture by living our Mission, Vision and Values (MVV) every day.

"Our mission is to help create pathways to economic freedom for our customers, which is the culmination of our shared goals. Our vision is to help make credit accessible by partnering with customers on their journey.

"Our values are caring for people, finding a better way to deliver results, and working inclusively and collaboratively.

"Our MVV isn’t just a slogan, poster or mouse mat. It gives us a framework for every decision we make. Each time we work with a customer, we ask ourselves, are we engaging with honesty, empathy and respect? Have
we delivered our very best? Are we treating them how we’d want to be treated?

"Through that lens, we build trust, which is step one. It helps remove the fear and stigma people have about working with our industry. It helps ensure better relationships with customers, which means we can find out what they really need to be successful. After that, we get to step two – find a plan that works.

"The more we engage with customers the more they realise the myth of debt collectors not listening or trying to understand them is just that — a myth. For example, we’ve recognised that not everyone wants to talk to us on the phone and would prefer to communicate via our customer website. Within this online solution, customers can complete a financial budget calculator. The budget planner asks a few questions to better understand their financial situation and offers a solution that’s custom-made for them.

"In this way, we’re being responsive to our customers’ preferences and giving them tools to help formulate a plan. The approach is tailored, collaborative, not dictatorial. It truly is about finding the best way forward.

"If there’s one message, I wish every customer could hear, it would be to please know you can communicate with us from the start. When that happens, it opens the path to making good on their debt and restoring their credit. It also opens a path for them to share with us if they’re facing a hardship, which we can address together. Many of the concerns and misunderstandings customers have about debt collection could be resolved if they simply know we’re there to support.

"One of the main reasons I came to work for Cabot Financial, part of Cabot Credit Management, almost eight years ago was the way it treated its customers. It starts with a strong culture of caring, builds through working collaboratively with customers, and culminates in achieving our shared goal of helping people reach financial freedom. Through this approach, we make a real difference for customers, often in difficult times in their lives
.

"The myth that collection companies are aggressive or don’t have the best interest of customers at heart is built on a false premise. The fact is much simpler: if the customer doesn’t succeed, we don’t succeed. The companies that thrive in this industry are those who take every opportunity to make the customer journey toward financial recovery as human and empathetic as possible."