Chapter 7: Network Integrity and the Dark Side of Compliance
As debt buyers, our network is our lifeblood. The ecosystem of debt collection services, law firms and backend debt buyers we rely on must be above board. But not all players in the game play by the rules, and some very nasty things can happen.
One such instance was agencies manipulating remits and inflating debt balances. These rogue agencies presented themselves as compliant and reputable players in the industry. They were convincing and could fool many into believing their lies.
These agencies figured their deceit would never be found out. But when confronted with their wrong doing, their response was not apologies or attempts to fix the problem. Instead they tried to buy the silence of those who uncovered their dishonesty.
While these were disappointing, they were a harsh reminder of the importance of being vigilant and doing our due diligence in our industry. Not everyone who claims to be compliant and reputable is. It’s important to remember in the debt buying industry actions speak louder than words. Our collective responsibility is to maintain integrity and not let these rogue players go unchecked.
This exposure was a wake up call for many in the industry. It highlighted the need for transparency and accountability and started conversations about how we could prevent this from happening in the future.
A wave of self policing began to happen in response. We saw peer to peer audits and more emphasis on third party certifications. We saw more information sharing as debt buyers and collectors started reporting and blacklisting bad actors.
But the path to reform wasn’t easy. The perpetrators of these fraudulent activities were pros at deception. They moved their operations, rebranded their businesses and even tried to infiltrate the very reforms that were put in place to stop them.
Despite these challenges the industry never wavered. We knew we had to preserve our industry’s integrity. We couldn’t let a few bad apples spoil the whole bunch.
We also knew public perception was important. We had to show the public we were serious about fixing the past and committed to being above board going forward. This meant dealing with bad actors, investing in ourselves, and adopting best practices in compliance and ethics.
As we wade through the debt buying industry we are reminded our work is far from done. It’s a journey of continuous learning, adapting and improving. But with the right network, values and mindset we can make our industry a place of fair and ethical practice.
In summary we are debt buyers the networks we build and maintain are our lifeblood. We are only as good as the company we keep. So we must always associate with those who are committed to integrity, professionalism and ethical behavior. And we must always be on our toes because the cost of complacency is too high.
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