Elizabeth Buchan has worked in Eastern Funding’s collection department since 2013. Prior to working at Eastern Funding, Elizabeth worked at Citi Financial, a division of Citi Group, as a loss mitigation specialist. Elizabeth also has nine years of experience in consumer and commercial banking.
An experienced Collector can pick up the phone, have a conversation with a delinquent customer, analyze the information provided, propose a solution (sometimes), and wrap up the call in about five minutes.
When I first started in Collections several years ago, I found it difficult to gather all the information that was required of me, let alone come up with a solution and complete the call in about five minutes. I thought that I needed to rush through my collection queue and keep at the same pace as the more seasoned Collectors. I felt that more time spent on the phone meant that I was doing something wrong.
Trying to match the call times of my peers was a failure from the start. I missed key questions, which meant that I had to call the delinquent customer back. This was not a good thing because delinquent customers rarely answer the phone once, let alone twice. I learned from my peers that it didn’t matter if a collection call took five minutes or 15 minutes. This wasn’t a race to run through your collection queue and calls. The purpose of calling the customer was to discuss the account, address the concerns, stay focused on the goal and find a meaningful solution. It was not about quantity, it was about quality. It was not about mirroring the style of others, but combining my personal style with the tools and resources available to me to get the job done.
My grandfather taught me when I was a young girl, “haste makes waste,” and I have found that statement to be true. When you rush to get something done, you can make mistakes because you’re focusing on the deadline, not the overall process, and in doing so you’re bound to miss something.
We work in a fast-paced environment where things change constantly on a daily basis. We can feel rushed, especially if handed a task with a tight deadline. Don’t let the anxiety or pressure that comes from rushing to get something done compromise the quality and integrity of your work.
In the end, it’s the finished product that counts, not how fast it can be done.
Thank you for taking the time out of your busy day to read this. Next up is Jen Whitney with Fundamental #3 “Make a great impression.”
Have a great week,