Tag Archives: Debt Collection Agency

Wescot and Experian strike a deal

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One of the largest debt recovery agencies in the United Kingdom and one of the largest global information services organisations in operation have struck a deal that will see wescotboth of them benefit extensively from over the coming years. UK-based debt recovery agency Wescot have struck a multi-million pound deal with Experian to provide them with data services for the next two years,

Wescot is one of the biggest and most respected debt recovery agencies in the United Kingdom and currently employs the services of over 650 staff across three different locations. Wescot possess major centres at Hull, Glasgow and Saltcoats respectively, and the staff within these three centres contact over 5 million account holders each year. Wescot have a burgeoning reputation for the successful management and recovery of debt and last year returned over £240 million to the accounts of their clients.

The deal with Experian will give staff at Wescot even greater levels of detail and accuracy in relation to data services and hopes are high at the company that the resulting improvements will be of great benefit to their clients. Wescot will take advantage of the new platform that has recently been introduced by Experian called ExPin. ExPin is a dynamic data platform that gives each individual on the database a unique PIN number. The platform uses this PIN number to identify individuals and detect any duplications or copies. This substantially improves the accuracy and detail of the data provided to customers of Experian and Wescot are delighted to be a part of such a platform.

Paul Jenkins, Chief Executive Officer at Wescot commented that the ExPin platform had improved their collections operating model and that continued use of the platform would only serve to strengthen their position at the forefront of the debt recovery sector in the United Kingdom.

Wescot currently manage over £4.5 billion of performing assets for their clients with the board at Wescot hoping that the deal struck with Experian will increase that figure even further.

Paul Jenkins added that the most important aspect of the multi million pound deal was with regards to being able to achieve excellent levels of compliance and protect the image and reputations of both their clients and the Wescot brand itself.

Wescot took a leading role in 2013 conferences

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Industry conferences perform a very useful role. For one thing, they enable industry insiders to get together on an informal basis and exchange ideas and news. Conferences also provide a very important educational role. They allow ideas of best practice to be widely disseminated across the industry in question. Where they include an awards ceremony element, they also provide what is often a very welcome boost to morale. All of this is true of the consumer credit industry. Wescot Credit Services is a highly regarded player within this industry. It is entirely fitting therefore that Wescot took a leading role in two of this year’s major events.

Wescot Credit Services was founded in Scotland over 30 years ago. Over the decades, Wescot has flourished. The company now employs over 650 staff across three offices in Saltcoats, Glasgow and Hull. The company provides something of a ‘beacon’ to other companies in the same niche. For one thing, Wescot is constantly evolving. This can be seen in the way the company has embraced the very latest in technology. Wescot Credit Services has recently invested heavily in inbound telephony and outbound dialer technology. The three Wescot sites have been transformed into a virtual call centre. This state of the art connectivity has benefitted both clients and individual customers alike. It proves to be of particular benefit to customers as it enables them to swiftly and efficiently make contact with a Wescot representative. For Wescot this is all part of treating customers fairly.

Wescot Credit Services was the main sponsor at this year’s CCR Interactive Event. This conference incorporates the Credit Excellence Awards. It is regarded as the flagship event in the consumer credit industry. At this year’s CCR Interactive event, there was considerable emphasis on the challenges and changes the consumer credit industry is likely to face in the near future. Wescot Credit Services is already well aware of these issues and how they might affect its clients. The company has put considerable reswescotources into making sure its business model will meet the needs of clients. The Wescot business model is designed to be fully compliant with the latest industry regulations and guidelines. In fact, in a lot of respects, the way in which Wescot operates exceeds those standards. Wescot was also a sponsor of the 2013 Money Advice Scotland conference. This demonstrates the company’s commitment to supporting fair and impartial advice for its customers.

How to Choose A Debt Collection Agency for Your Business

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If you decide to enlist the help of a debt collection agency to help recover unpaid debts to your business there are several things you should take into consideration. Not only do you want to ensure that you receive an efficient service but you also want to maintain the reputation you have with your customers.

Wescot Credit ServicesA good place to start is by visiting the website of the CSA, or Credit Services Association. This is the official body for the debt collections industry and all members must abide by certain principles and codes of conduct when dealing with customers. This ensures that fairness and ethical standards are met. Many debt collection companies take compliance very seriously. Wescot, for example, regularly undertake audits of their staff and have them take an annual compliance test.

Once you have chosen some potential companies there are a few questions you should ask them to make sure that they are right for your business and that their customer service is up to par. Firstly, you should check to see if the company has any existing customers in your sector. If so, this can give them a greater understanding and insight into the particulars of your line of business. Secondly, you should find out whether they operate on a no-collection-no-fee basis, although most companies do. It’s also worth asking about their remittance rules; it’s important to know how quickly you’ll receive your money once they have recovered it. In addition to this, find out if they offer online performance reporting. It’s a good idea to try and see a demonstration of this so you can determine its benefit to you.

While these may seem like rather basic requirements, if your potential collection company doesn’t meet these, then it’s unlikely that they will be the right company for you. Approaching a debt collection company can be an extremely effective way of recovering the money you are owed, as well as saving you the time and money it would take to recover it yourself. Finding the right company for your needs is imperative, so it’s worth taking some time to research possible companies thoroughly to avoid enlisting the help of a company which isn’t right for the job.