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So you've purchased a new portfolio and identified which accounts to outsource and to which agency / attorney partners they should be assigned to. Now all you need to do is distribute the data associated with these accounts to these partners so they can get started. In the simplest form, placement information can be sent via paper files to be manually entered by the receiving agency or attorney firms. As you might imagine this method of delivery would be time consuming, prone to data entry errors and highly inefficient. Partner organizations eager for your business might tell you to send them placement data in any file layout / spreadsheet you can produce so they can just get your business. Sounds, great! Then you come to find that it takes your partner two weeks to finally load your data into their collection system (and likely incorrectly) causing delays in the collection process and issues down the road because data was not loaded correctly.Continue reading
Next week we'll be heading out to Las Vegas to attend the 13th annual DBA International conference. While preparing for this trip it seemed like a great time to address the subject of outsourcing collections. So over the next couple of weeks we are going to dedicate several entries covering specific operational processes associated with outsourcing agency and legal collections.Continue reading
A key to profitability and success in the legal collection industry is limiting the amount of time spent on accounts that are not likely to pay. It's not a productive use of your staff's time or your client's court cost money on suits involving individuals who are not in a financial position to pay. The more you can avoid wasting your scarcest resources on these situations the more resources you will have available to expend on opportunities with the highest potential rate of return.Continue reading
We thought we would lighten up our blog topics over the holiday and provide our readers with an entertaining approach to describing some of the many features available with Cogent.
Top 10 Reasons to Purchase Cogent in 2010Continue reading
Once it becomes clear that pure collection tactics will not result in the collection of an account, one alternative is to pursue the matter through legal action. While legal action can mean many different things in most cases it involves obtaining and enforcing a judgment on a defendant or group of defendants. When you consider the volume of accounts an attorney collection firm typically manages it is easy to understand that the processes for requesting, recording and enforcing judgments need to be as automated as possible. This blog on managing requests for default judgments and the accurate entry of awarded judgments is the first in a two part series on the subject of managing judgments. The second part of the series will focus on judgment enforcement.Continue reading
For most firms enforcing the SOL logic begins the moment new accounts are received from a client. Once the accounts are loaded into the firm's software there is usually a manual review process where a user examines available data such as the date last payment was made to the client, charge off date, date of service, what types documentation are on file and from there they calculate a SOL date based on that debtor state's rules for that type of an account (credit card, etc.). As payments are posted to accounts in some situations the SOL date on that account can be extended. However, because determining if an SOL date can be extended requires an understanding of each state's SOL procedures when payments are posted often the SOL dates are simply left alone.Continue reading
In our previous blog entries on legal collection profitability we discussed a number of elements that needed to be tracked to accurately measure profitability and the efficiency of internal operationally related processes. The issue to address now is how do you easily take these measurements and associate them with the appropriate clients, portfolios or in some cases claims in a timely fashion. We realized how mission critical this level of analysis was to an organization's profitability when designing Cogent. We addressed this challenge by leveraging a Microsoft Relational Database to store data and developed a unique data model capable of tracking this level of data and the associated relationships.
Leveraging Microsoft's SQL Server DBMS provides an organization with complete access to the entire Cogent data model and the ability to use standard reporting tools to build custom reports directly from the production data. This combination of features minimizes the Total Cost of Ownership (TCO) an organization incurs in maintaining their software platform and ensures that the data being used for decision-making is always up to the moment current.Continue reading